ALPHAFORGE RESEARCH · COMPANY FILE · TRANSPORT, INDUSTRIALS & DEFENSE

$LPTH

LIGHTPATH TECHNOLOGIES INC · Nasdaq · SIC 3674 · CIK 889971 · revision 10 as of 2026-09-26

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Research status

Evidence awaiting review · 31 pending evidence leads

Financial accounts through: 2026-06-30
Authored update: 2026-09-19
Source scan: 2026-10-12 09:40 ET
Full model review: Not recorded
Latest event review: Not recorded
Oldest pending lead: 2026-09-20 10:27 ET

Filings: checked | 2026-10-12 09:40 ET
News: checked | 2026-10-12 09:40 ET
Price: checked | 2026-10-12 09:40 ET

Open evidence leads

Analysts Offer Insights on Technology Companies: HubSpot (HUBS), Salesforce (CRM) and Lightpath Technologies (LPTH) - The Globe and Mail
Analysts’ Top Technology Picks: Vicor (VICR), Autodesk (ADSK) - The Globe and Mail
Infrared cameras for drones and defense get a new leader at LightPath - Stock Titan
LightPath Technologies Promotes Michael Amorelli to VP Engineering, Imaging Systems - News-Press NOW
LightPath Technologies Promotes Michael Amorelli to VP Engineering, Imaging Systems - joplinglobe.com

Leads require verification; they are not established material changes.

A published model and a successful scan do not establish a completed review. Status describes current monitoring; every promotion requires fresh checks.

Research status JSON

Business

LightPath supplies optical materials, infrared and visible components, assemblies and imaging modules. Acquired camera and glass operations broaden its product mix. Customer qualification, backlog conversion and manufacturing yield drive earnings, while earnouts and the planned China disposal affect cash and ownership.

Three drivers

Qualified infrared and assembly/module demand
Product mix, yield and conversion of scheduled backlog
Cash earnout settlement, capacity spending and disposal installments

Thesis

Our view

Backlog and gross-margin improvement support a larger operating business. The next test is conversion into cash after manufacturing investment and the fixed cash earnout, without confusing noncash valuation charges or installment receivables with current cash.

What changes it

Track product-level acceptance, opening-backlog delivery, working capital and the January cash/share settlement separately.

Scenario ranges

Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2025Q1 2024-09-30	2025Q2 2024-12-31	2025Q3 2025-03-31	2025Q4 2025-06-30	2026Q1 2025-09-30	2026Q2 2025-12-31	2026Q3 2026-03-31	2026Q4 2026-06-30
Revenue ($M)	8.4¹	7.4²	9.2³	12.2†⁴	15.1¹	16.4⁵	19.1⁶	21.2†⁷
Gross profit ($M)	2.8⁸	1.9⁹	2.7¹⁰	2.7†¹¹	4.5⁸	6.0⁹	7.0¹⁰	8.3†¹¹
Operating income ($M)	-1.4¹²	-2.5¹³	-3.5¹⁴	-4.5†¹⁵	-2.5¹²	-8.6¹³	-4.3¹⁴	-4.3†¹⁵
Net income ($M)	-1.6¹⁶	-2.6¹⁶	-3.6¹⁶	-7.1†¹⁷	-2.9¹⁶	-9.4¹⁶	-4.1¹⁶	-4.1†¹⁷
EPS, diluted ($)	-0.04¹⁸	-0.07¹⁹	-0.09²⁰	—	-0.07¹⁸	-0.20¹⁹	-0.07²⁰	—
Diluted shares (M)	39.6²¹	39.7²²	41.4²³	—	43.3²¹	47.0²²	58.6²³	—
Cash ($M)	—	—	—	4.9²⁴	—	73.6²⁵	55.2²⁶	93.2²⁴
Long-term debt ($M)	0.3²⁷	0.2²⁸	4.7²⁹	4.8³⁰	4.9³¹	—	—	—
Cash from operations ($M)	-1.7³²	-0.7†³³	-3.2†³⁴	-2.6†³⁵	-1.1³²	2.8†³³	-6.8†³⁴	-5.1†³⁵
Capex ($M)	0.1³⁶	0.1†³⁷	0.4†³⁸	0.7†³⁹	0.1³⁶	0.9†³⁷	0.9†³⁸	4.4†³⁹
Free cash flow ($M)	-1.8†⁴⁰	-0.8†⁴¹	-3.7†⁴²	-3.3†⁴³	-1.2†⁴⁰	2.0†⁴¹	-7.7†⁴²	-9.5†⁴³

† derived (Q4 = fiscal year minus the first three quarters; year-to-date cash flows differenced; FCF = CFO − capex). Superscripts are the provenance notes below.

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2027Q1	24.0	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	26.4	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q3	29.0	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q4	32.1	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Optics backlog conversion, acquisition earnouts and installment-sale cash

Operating scenarios · reviewed 2026-09-19 · USD millions unless labeled otherwise · our assumptions, not consensus

Drive infrared components, visible optics, assemblies/modules and engineering separately, with product contribution margins and cash operating costs. Compare delivery of the existing backlog with additional book-and-ship revenue. Bridge adjusted EBITDA to operating earnings, then cash before acquisition earnouts. Deduct PP&E and all cash earnout settlement once, regardless of cash-flow classification, and add only modeled installment-sale receipts. Preserve stock earnouts and preferred ownership claims outside cash.

Reported anchors and guidance

Measure	Period	Value	Basis
backlog	FY2026 / June 2026	110.90	reported. USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Source · 2026-09-10
next twelve backlog	FY2026 / June 2026	85.60	reported. USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Source · 2026-09-10
adj ebitda	FY2026 / June 2026	4.23	reported. USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Source · 2026-09-10
FY2026 EBITDA to operating income	FY2026	-19.65	derived. Preserves equipment-disposal gain included in reported adjusted result.
cfo	FY2026 / June 2026	-10.23	reported. USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Source · 2026-09-11
earnout operating	FY2026 / June 2026	3.81	reported. USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Source · 2026-09-11
earnout financing	FY2026 / June 2026	3.54	reported. USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Source · 2026-09-11
FY2026 CFO before operating earnout	FY2026	-6.41	derived. Analytical CFO before earnouts; financing portion was never in CFO.
FY2026 cash after selected claims	FY2026	-19.55	derived. Cash classification-neutral comparison.
cash	FY2026 / June 2026	93.20	reported. USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Source · 2026-09-11
preferred carrying	FY2026 / June 2026	8.91	reported. USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Source · 2026-09-11
g5 cash due	2027 earnout / signed disposal	6.30	reported. Cash/stock mix and installment timing; signed disposal is not confirmed closed. Source · 2026-09-11
g5 stock due	2027 earnout / signed disposal	2.70	reported. Cash/stock mix and installment timing; signed disposal is not confirmed closed. Source · 2026-09-11
disposal price	2027 earnout / signed disposal	4.50	reported. Cash/stock mix and installment timing; signed disposal is not confirmed closed. Source · 2026-09-11
minimum installment	2027 earnout / signed disposal	0.50	reported. Cash/stock mix and installment timing; signed disposal is not confirmed closed. Source · 2026-09-11
aml acquisition cash	FY2026 / June 2026	7.00	reported. USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Source · 2026-09-11

Downside scenario

Period	Cash PP&E ($M)	Total revenue ($M)	Visible components ($M)	Infrared components ($M)	Adjusted EBITDA proxy ($M)	Assemblies and modules ($M)	Asset-sale principal receipts ($M)	Engineering services ($M)	Total cash earnout settlement ($M)	Operating income proxy ($M)	Cash after PP&E and earnouts ($M)	Operating cash before earnouts ($M)
2027Q1	3.12	20.40	3.80	6.80	-1.14	9.00	0.00	0.80	0.00	-3.64	-6.50	-3.38
2027Q2	3.38	21.98	3.90	7.20	-1.06	10.00	0.00	0.88	0.00	-3.76	-6.98	-3.61
2027Q3	3.62	22.86	3.10	7.80	-1.08	11.00	0.00	0.96	6.30	-3.98	-13.87	-3.94
2027Q4	3.88	24.54	3.20	8.30	-0.97	12.00	0.00	1.04	0.00	-4.07	-8.01	-4.14
FY2027	14.00	89.78	14.00	30.10	-4.25	42.00	0.00	3.68	6.30	-15.45	-35.37	-15.07
FY2028	18.00	115.76	13.80	39.00	-2.41	58.00	0.50	4.96	0.00	-16.81	-35.69	-18.19

Base scenario

Period	Cash PP&E ($M)	Total revenue ($M)	Visible components ($M)	Infrared components ($M)	Adjusted EBITDA proxy ($M)	Assemblies and modules ($M)	Asset-sale principal receipts ($M)	Engineering services ($M)	Total cash earnout settlement ($M)	Operating income proxy ($M)	Cash after PP&E and earnouts ($M)	Operating cash before earnouts ($M)
2027Q1	2.50	24.00	4.00	8.00	2.50	11.00	0.00	1.00	0.00	0.00	-1.88	0.62
2027Q2	2.70	26.40	3.50	8.80	3.20	13.00	0.00	1.10	0.00	0.50	-1.66	1.04
2027Q3	2.90	29.00	3.30	9.50	3.94	15.00	0.00	1.20	6.30	1.04	-7.70	1.50
2027Q4	3.10	32.10	3.30	10.50	4.84	17.00	0.00	1.30	0.00	1.74	-0.98	2.12
FY2027	11.20	111.50	14.10	36.80	14.48	56.00	0.00	4.60	6.30	3.28	-12.22	5.28
FY2028	14.40	168.40	14.20	54.00	32.16	94.00	0.50	6.20	0.00	17.76	4.58	18.48

Upside scenario

Period	Cash PP&E ($M)	Total revenue ($M)	Visible components ($M)	Infrared components ($M)	Adjusted EBITDA proxy ($M)	Assemblies and modules ($M)	Asset-sale principal receipts ($M)	Engineering services ($M)	Total cash earnout settlement ($M)	Operating income proxy ($M)	Cash after PP&E and earnouts ($M)	Operating cash before earnouts ($M)
2027Q1	2.88	25.05	3.40	8.50	3.47	12.00	0.00	1.15	0.00	0.97	-1.40	1.47
2027Q2	3.10	30.07	3.80	10.00	5.27	15.00	0.00	1.26	0.00	2.57	-0.13	2.98
2027Q3	3.33	34.88	4.00	11.50	7.00	18.00	0.00	1.38	6.30	4.10	-5.21	4.42
2027Q4	3.56	40.70	4.20	13.00	9.22	22.00	0.50	1.49	0.00	6.12	3.28	6.35
FY2027	12.88	130.69	15.40	43.00	24.96	67.00	0.50	5.29	6.30	13.76	-3.46	15.22
FY2028	16.56	228.93	18.80	72.00	62.60	131.00	0.50	7.13	0.00	48.20	32.16	48.22

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
revenue fy26_revenue	FY2026 / June 2026 / shared	71.72 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
infrared fy26_infrared	FY2026 / June 2026 / shared	21.20 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
visible fy26_visible	FY2026 / June 2026 / shared	15.49 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
assemblies fy26_assemblies	FY2026 / June 2026 / shared	31.88 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
engineering fy26_engineering	FY2026 / June 2026 / shared	3.15 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
adj ebitda fy26_adj_ebitda	FY2026 / June 2026 / shared	4.23 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-10
operating income fy26_operating_income	FY2026 / June 2026 / shared	-19.65 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
cfo fy26_cfo	FY2026 / June 2026 / shared	-10.23 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
capex fy26_capex	FY2026 / June 2026 / shared	6.27 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
asset sales fy26_asset_sales	FY2026 / June 2026 / shared	0.47 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
earnout operating fy26_earnout_operating	FY2026 / June 2026 / shared	3.81 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
earnout financing fy26_earnout_financing	FY2026 / June 2026 / shared	3.54 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
da fy26_da	FY2026 / June 2026 / shared	5.04 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
sbc fy26_sbc	FY2026 / June 2026 / shared	2.86 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
earnout fv fy26_earnout_fv	FY2026 / June 2026 / shared	15.64 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
acquisition cost fy26_acquisition_cost	FY2026 / June 2026 / shared	0.29 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-10
fx fy26_fx	FY2026 / June 2026 / shared	0.15 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-10
other expense fy26_other_expense	FY2026 / June 2026 / shared	0.09 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
aml acquisition cash fy26_aml_acquisition_cash	FY2026 / June 2026 / shared	7.00 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
cash cash	FY2026 / June 2026 / shared	93.20 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
preferred carrying preferred_carrying	FY2026 / June 2026 / shared	8.91 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-11
backlog backlog	FY2026 / June 2026 / shared	110.90 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-10
next twelve backlog next_twelve_backlog	FY2026 / June 2026 / shared	85.60 USD_millions	reported: USD millions; current-period gain/loss on earnout fair value is different from cash earnout payment. Primary source · 2026-09-10
FY2026 total G5 cash earnout fy26_earnout_cash	FY2026 / shared	7.35 USD_millions	derived: Cash split across operating and financing sections, combined once. Formula: sum(fy26_earnout_operating, fy26_earnout_financing).
FY2026 CFO before operating earnout fy26_cash_before_capex	FY2026 / shared	-6.41 USD_millions	derived: Analytical CFO before earnouts; financing portion was never in CFO. Formula: sum(fy26_cfo, fy26_earnout_operating).
CFO before earnouts plus equipment-sale proceeds fy26_cash_sources	FY2026 / shared	-5.94 USD_millions	derived: No new equity proceeds. Formula: sum(fy26_cash_before_capex, fy26_asset_sales).
PP&E and all cash earnouts fy26_cash_claims	FY2026 / shared	13.62 USD_millions	derived: Excludes $7M AML acquisition and debt/lease principal. Formula: sum(fy26_capex, fy26_earnout_cash).
FY2026 cash after selected claims fy26_cash_after_claims	FY2026 / shared	-19.55 USD_millions	derived: Cash classification-neutral comparison. Formula: subtract(fy26_cash_sources, fy26_cash_claims).
Adjusted exclusions fy26_adjustments	FY2026 / shared	23.97 USD_millions	derived: Reported reconciliation. Formula: sum(fy26_da, fy26_sbc, fy26_earnout_fv, fy26_acquisition_cost, fy26_fx).
Adjusted EBITDA less exclusions fy26_after_adjustments	FY2026 / shared	-19.74 USD_millions	derived: Before residual nonoperating expense. Formula: subtract(fy26_adj_ebitda, fy26_adjustments).
FY2026 EBITDA to operating income fy26_gaap_bridge	FY2026 / shared	-19.65 USD_millions	derived: Preserves equipment-disposal gain included in reported adjusted result. Formula: sum(fy26_after_adjustments, fy26_other_expense).
g5 cash due g5_cash_due	2027 earnout / signed disposal / shared	6.30 USD_millions	reported: Cash/stock mix and installment timing; signed disposal is not confirmed closed. Primary source · 2026-09-11
g5 stock due g5_stock_due	2027 earnout / signed disposal / shared	2.70 USD_millions	reported: Cash/stock mix and installment timing; signed disposal is not confirmed closed. Primary source · 2026-09-11
disposal price disposal_price	2027 earnout / signed disposal / shared	4.50 USD_millions	reported: Cash/stock mix and installment timing; signed disposal is not confirmed closed. Primary source · 2026-09-11
minimum installment minimum_installment	2027 earnout / signed disposal / shared	0.50 USD_millions	reported: Cash/stock mix and installment timing; signed disposal is not confirmed closed. Primary source · 2026-09-11
Initial delivered amount downside_backlog_zero	Forecast / downside	0.00 USD_millions	assumption: Arithmetic zero before forecast delivery.
Infrared accepted sales at reference realization downside_2027q1_ir_activity	2027Q1 / downside	6.80 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization downside_2027q1_ir_realization	2027Q1 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue downside_2027q1_infrared	2027Q1 / downside	6.80 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(downside_2027q1_ir_activity, downside_2027q1_ir_realization).
Visible revenue before disposal downside_2027q1_visible_gross	2027Q1 / downside	3.80 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction downside_2027q1_visible_divested	2027Q1 / downside	0.00 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue downside_2027q1_visible	2027Q1 / downside	3.80 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(downside_2027q1_visible_gross, downside_2027q1_visible_divested).
Assembly/module accepted-sales reference downside_2027q1_assembly_activity	2027Q1 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization downside_2027q1_assembly_realization	2027Q1 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue downside_2027q1_assemblies	2027Q1 / downside	9.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(downside_2027q1_assembly_activity, downside_2027q1_assembly_realization).
Engineering revenue downside_2027q1_engineering	2027Q1 / downside	0.80 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2027q1_revenue	2027Q1 / downside	20.40 USD_millions	derived: Four reported product groups. Formula: sum(downside_2027q1_infrared, downside_2027q1_visible, downside_2027q1_assemblies, downside_2027q1_engineering).
ir pre-D&A margin downside_2027q1_ir_margin	2027Q1 / downside	35.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A downside_2027q1_ir_contribution	2027Q1 / downside	2.38 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2027q1_infrared, downside_2027q1_ir_margin).
visible pre-D&A margin downside_2027q1_visible_margin	2027Q1 / downside	20.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A downside_2027q1_visible_contribution	2027Q1 / downside	0.76 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2027q1_visible, downside_2027q1_visible_margin).
assembly pre-D&A margin downside_2027q1_assembly_margin	2027Q1 / downside	40.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A downside_2027q1_assembly_contribution	2027Q1 / downside	3.60 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2027q1_assemblies, downside_2027q1_assembly_margin).
engineering pre-D&A margin downside_2027q1_engineering_margin	2027Q1 / downside	50.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A downside_2027q1_engineering_contribution	2027Q1 / downside	0.40 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2027q1_engineering, downside_2027q1_engineering_margin).
Total contribution before D&A downside_2027q1_gross_contribution	2027Q1 / downside	7.14 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(downside_2027q1_ir_contribution, downside_2027q1_visible_contribution, downside_2027q1_assembly_contribution, downside_2027q1_engineering_contribution).
Recurring cash SG&A and development downside_2027q1_cash_opex	2027Q1 / downside	8.28 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q1_adj_ebitda	2027Q1 / downside	-1.14 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(downside_2027q1_gross_contribution, downside_2027q1_cash_opex).
D&A downside_2027q1_da	2027Q1 / downside	1.40 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2027q1_sbc	2027Q1 / downside	1.10 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense downside_2027q1_earnout_fv	2027Q1 / downside	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark downside_2027q1_gaap_exclusions	2027Q1 / downside	2.50 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(downside_2027q1_da, downside_2027q1_sbc, downside_2027q1_earnout_fv).
Operating income proxy downside_2027q1_operating_income	2027Q1 / downside	-3.64 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(downside_2027q1_adj_ebitda, downside_2027q1_gaap_exclusions).
Cash investment interest downside_2027q1_cash_interest_income	2027Q1 / downside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest downside_2027q1_cash_earnings	2027Q1 / downside	-0.44 USD_millions	derived: No financing proceeds included. Formula: sum(downside_2027q1_adj_ebitda, downside_2027q1_cash_interest_income).
Inventory receivables and other cash use downside_2027q1_working_cash	2027Q1 / downside	2.76 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes downside_2027q1_cash_tax	2027Q1 / downside	0.15 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest downside_2027q1_cash_interest	2027Q1 / downside	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash downside_2027q1_cash_uses	2027Q1 / downside	2.94 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(downside_2027q1_working_cash, downside_2027q1_cash_tax, downside_2027q1_cash_interest).
Operating cash before acquisition earnouts downside_2027q1_cash_before_capex	2027Q1 / downside	-3.38 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(downside_2027q1_cash_earnings, downside_2027q1_cash_uses).
Cash PP&E downside_2027q1_capex	2027Q1 / downside	3.12 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction downside_2027q1_earnout_payment_flag	2027Q1 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement downside_2027q1_earnout_cash	2027Q1 / downside	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, downside_2027q1_earnout_payment_flag).
Assumed installment fraction downside_2027q1_sale_payment_flag	2027Q1 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments downside_2027q1_asset_sales	2027Q1 / downside	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, downside_2027q1_sale_payment_flag).
Operating cash proxy and sale principal downside_2027q1_cash_sources	2027Q1 / downside	-3.38 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(downside_2027q1_cash_before_capex, downside_2027q1_asset_sales).
PP&E and earnout cash downside_2027q1_cash_claims	2027Q1 / downside	3.12 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(downside_2027q1_capex, downside_2027q1_earnout_cash).
Cash after PP&E and cash earnouts downside_2027q1_cash_after_claims	2027Q1 / downside	-6.50 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(downside_2027q1_cash_sources, downside_2027q1_cash_claims).
Revenue from June backlog downside_2027q1_opening_backlog_delivery	2027Q1 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue downside_2027q1_book_ship	2027Q1 / downside	5.40 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(downside_2027q1_revenue, downside_2027q1_opening_backlog_delivery).
Cumulative June backlog recognized downside_2027q1_backlog_delivered	2027Q1 / downside	15.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(downside_backlog_zero, downside_2027q1_opening_backlog_delivery).
Unconverted June backlog stock downside_2027q1_opening_backlog_remaining	2027Q1 / downside	95.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, downside_2027q1_backlog_delivered).
Infrared accepted sales at reference realization downside_2027q2_ir_activity	2027Q2 / downside	7.20 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization downside_2027q2_ir_realization	2027Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue downside_2027q2_infrared	2027Q2 / downside	7.20 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(downside_2027q2_ir_activity, downside_2027q2_ir_realization).
Visible revenue before disposal downside_2027q2_visible_gross	2027Q2 / downside	3.90 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction downside_2027q2_visible_divested	2027Q2 / downside	0.00 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue downside_2027q2_visible	2027Q2 / downside	3.90 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(downside_2027q2_visible_gross, downside_2027q2_visible_divested).
Assembly/module accepted-sales reference downside_2027q2_assembly_activity	2027Q2 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization downside_2027q2_assembly_realization	2027Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue downside_2027q2_assemblies	2027Q2 / downside	10.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(downside_2027q2_assembly_activity, downside_2027q2_assembly_realization).
Engineering revenue downside_2027q2_engineering	2027Q2 / downside	0.88 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2027q2_revenue	2027Q2 / downside	21.98 USD_millions	derived: Four reported product groups. Formula: sum(downside_2027q2_infrared, downside_2027q2_visible, downside_2027q2_assemblies, downside_2027q2_engineering).
ir pre-D&A margin downside_2027q2_ir_margin	2027Q2 / downside	35.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A downside_2027q2_ir_contribution	2027Q2 / downside	2.52 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2027q2_infrared, downside_2027q2_ir_margin).
visible pre-D&A margin downside_2027q2_visible_margin	2027Q2 / downside	20.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A downside_2027q2_visible_contribution	2027Q2 / downside	0.78 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2027q2_visible, downside_2027q2_visible_margin).
assembly pre-D&A margin downside_2027q2_assembly_margin	2027Q2 / downside	40.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A downside_2027q2_assembly_contribution	2027Q2 / downside	4.00 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2027q2_assemblies, downside_2027q2_assembly_margin).
engineering pre-D&A margin downside_2027q2_engineering_margin	2027Q2 / downside	50.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A downside_2027q2_engineering_contribution	2027Q2 / downside	0.44 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2027q2_engineering, downside_2027q2_engineering_margin).
Total contribution before D&A downside_2027q2_gross_contribution	2027Q2 / downside	7.74 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(downside_2027q2_ir_contribution, downside_2027q2_visible_contribution, downside_2027q2_assembly_contribution, downside_2027q2_engineering_contribution).
Recurring cash SG&A and development downside_2027q2_cash_opex	2027Q2 / downside	8.80 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q2_adj_ebitda	2027Q2 / downside	-1.06 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(downside_2027q2_gross_contribution, downside_2027q2_cash_opex).
D&A downside_2027q2_da	2027Q2 / downside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2027q2_sbc	2027Q2 / downside	1.20 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense downside_2027q2_earnout_fv	2027Q2 / downside	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark downside_2027q2_gaap_exclusions	2027Q2 / downside	2.70 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(downside_2027q2_da, downside_2027q2_sbc, downside_2027q2_earnout_fv).
Operating income proxy downside_2027q2_operating_income	2027Q2 / downside	-3.76 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(downside_2027q2_adj_ebitda, downside_2027q2_gaap_exclusions).
Cash investment interest downside_2027q2_cash_interest_income	2027Q2 / downside	0.67 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest downside_2027q2_cash_earnings	2027Q2 / downside	-0.39 USD_millions	derived: No financing proceeds included. Formula: sum(downside_2027q2_adj_ebitda, downside_2027q2_cash_interest_income).
Inventory receivables and other cash use downside_2027q2_working_cash	2027Q2 / downside	2.99 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes downside_2027q2_cash_tax	2027Q2 / downside	0.20 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest downside_2027q2_cash_interest	2027Q2 / downside	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash downside_2027q2_cash_uses	2027Q2 / downside	3.22 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(downside_2027q2_working_cash, downside_2027q2_cash_tax, downside_2027q2_cash_interest).
Operating cash before acquisition earnouts downside_2027q2_cash_before_capex	2027Q2 / downside	-3.61 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(downside_2027q2_cash_earnings, downside_2027q2_cash_uses).
Cash PP&E downside_2027q2_capex	2027Q2 / downside	3.38 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction downside_2027q2_earnout_payment_flag	2027Q2 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement downside_2027q2_earnout_cash	2027Q2 / downside	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, downside_2027q2_earnout_payment_flag).
Assumed installment fraction downside_2027q2_sale_payment_flag	2027Q2 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments downside_2027q2_asset_sales	2027Q2 / downside	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, downside_2027q2_sale_payment_flag).
Operating cash proxy and sale principal downside_2027q2_cash_sources	2027Q2 / downside	-3.61 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(downside_2027q2_cash_before_capex, downside_2027q2_asset_sales).
PP&E and earnout cash downside_2027q2_cash_claims	2027Q2 / downside	3.38 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(downside_2027q2_capex, downside_2027q2_earnout_cash).
Cash after PP&E and cash earnouts downside_2027q2_cash_after_claims	2027Q2 / downside	-6.98 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(downside_2027q2_cash_sources, downside_2027q2_cash_claims).
Revenue from June backlog downside_2027q2_opening_backlog_delivery	2027Q2 / downside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue downside_2027q2_book_ship	2027Q2 / downside	5.98 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(downside_2027q2_revenue, downside_2027q2_opening_backlog_delivery).
Cumulative June backlog recognized downside_2027q2_backlog_delivered	2027Q2 / downside	31.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(downside_backlog_zero, downside_2027q1_opening_backlog_delivery, downside_2027q2_opening_backlog_delivery).
Unconverted June backlog stock downside_2027q2_opening_backlog_remaining	2027Q2 / downside	79.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, downside_2027q2_backlog_delivered).
Infrared accepted sales at reference realization downside_2027q3_ir_activity	2027Q3 / downside	7.80 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization downside_2027q3_ir_realization	2027Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue downside_2027q3_infrared	2027Q3 / downside	7.80 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(downside_2027q3_ir_activity, downside_2027q3_ir_realization).
Visible revenue before disposal downside_2027q3_visible_gross	2027Q3 / downside	3.90 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction downside_2027q3_visible_divested	2027Q3 / downside	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue downside_2027q3_visible	2027Q3 / downside	3.10 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(downside_2027q3_visible_gross, downside_2027q3_visible_divested).
Assembly/module accepted-sales reference downside_2027q3_assembly_activity	2027Q3 / downside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization downside_2027q3_assembly_realization	2027Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue downside_2027q3_assemblies	2027Q3 / downside	11.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(downside_2027q3_assembly_activity, downside_2027q3_assembly_realization).
Engineering revenue downside_2027q3_engineering	2027Q3 / downside	0.96 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2027q3_revenue	2027Q3 / downside	22.86 USD_millions	derived: Four reported product groups. Formula: sum(downside_2027q3_infrared, downside_2027q3_visible, downside_2027q3_assemblies, downside_2027q3_engineering).
ir pre-D&A margin downside_2027q3_ir_margin	2027Q3 / downside	35.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A downside_2027q3_ir_contribution	2027Q3 / downside	2.73 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2027q3_infrared, downside_2027q3_ir_margin).
visible pre-D&A margin downside_2027q3_visible_margin	2027Q3 / downside	20.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A downside_2027q3_visible_contribution	2027Q3 / downside	0.62 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2027q3_visible, downside_2027q3_visible_margin).
assembly pre-D&A margin downside_2027q3_assembly_margin	2027Q3 / downside	40.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A downside_2027q3_assembly_contribution	2027Q3 / downside	4.40 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2027q3_assemblies, downside_2027q3_assembly_margin).
engineering pre-D&A margin downside_2027q3_engineering_margin	2027Q3 / downside	50.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A downside_2027q3_engineering_contribution	2027Q3 / downside	0.48 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2027q3_engineering, downside_2027q3_engineering_margin).
Total contribution before D&A downside_2027q3_gross_contribution	2027Q3 / downside	8.23 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(downside_2027q3_ir_contribution, downside_2027q3_visible_contribution, downside_2027q3_assembly_contribution, downside_2027q3_engineering_contribution).
Recurring cash SG&A and development downside_2027q3_cash_opex	2027Q3 / downside	9.31 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q3_adj_ebitda	2027Q3 / downside	-1.08 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(downside_2027q3_gross_contribution, downside_2027q3_cash_opex).
D&A downside_2027q3_da	2027Q3 / downside	1.60 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2027q3_sbc	2027Q3 / downside	1.30 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense downside_2027q3_earnout_fv	2027Q3 / downside	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark downside_2027q3_gaap_exclusions	2027Q3 / downside	2.90 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(downside_2027q3_da, downside_2027q3_sbc, downside_2027q3_earnout_fv).
Operating income proxy downside_2027q3_operating_income	2027Q3 / downside	-3.98 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(downside_2027q3_adj_ebitda, downside_2027q3_gaap_exclusions).
Cash investment interest downside_2027q3_cash_interest_income	2027Q3 / downside	0.64 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest downside_2027q3_cash_earnings	2027Q3 / downside	-0.44 USD_millions	derived: No financing proceeds included. Formula: sum(downside_2027q3_adj_ebitda, downside_2027q3_cash_interest_income).
Inventory receivables and other cash use downside_2027q3_working_cash	2027Q3 / downside	3.22 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes downside_2027q3_cash_tax	2027Q3 / downside	0.25 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest downside_2027q3_cash_interest	2027Q3 / downside	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash downside_2027q3_cash_uses	2027Q3 / downside	3.50 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(downside_2027q3_working_cash, downside_2027q3_cash_tax, downside_2027q3_cash_interest).
Operating cash before acquisition earnouts downside_2027q3_cash_before_capex	2027Q3 / downside	-3.94 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(downside_2027q3_cash_earnings, downside_2027q3_cash_uses).
Cash PP&E downside_2027q3_capex	2027Q3 / downside	3.62 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction downside_2027q3_earnout_payment_flag	2027Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement downside_2027q3_earnout_cash	2027Q3 / downside	6.30 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, downside_2027q3_earnout_payment_flag).
Assumed installment fraction downside_2027q3_sale_payment_flag	2027Q3 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments downside_2027q3_asset_sales	2027Q3 / downside	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, downside_2027q3_sale_payment_flag).
Operating cash proxy and sale principal downside_2027q3_cash_sources	2027Q3 / downside	-3.94 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(downside_2027q3_cash_before_capex, downside_2027q3_asset_sales).
PP&E and earnout cash downside_2027q3_cash_claims	2027Q3 / downside	9.93 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(downside_2027q3_capex, downside_2027q3_earnout_cash).
Cash after PP&E and cash earnouts downside_2027q3_cash_after_claims	2027Q3 / downside	-13.87 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(downside_2027q3_cash_sources, downside_2027q3_cash_claims).
Revenue from June backlog downside_2027q3_opening_backlog_delivery	2027Q3 / downside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue downside_2027q3_book_ship	2027Q3 / downside	5.86 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(downside_2027q3_revenue, downside_2027q3_opening_backlog_delivery).
Cumulative June backlog recognized downside_2027q3_backlog_delivered	2027Q3 / downside	48.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(downside_backlog_zero, downside_2027q1_opening_backlog_delivery, downside_2027q2_opening_backlog_delivery, downside_2027q3_opening_backlog_delivery).
Unconverted June backlog stock downside_2027q3_opening_backlog_remaining	2027Q3 / downside	62.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, downside_2027q3_backlog_delivered).
Infrared accepted sales at reference realization downside_2027q4_ir_activity	2027Q4 / downside	8.30 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization downside_2027q4_ir_realization	2027Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue downside_2027q4_infrared	2027Q4 / downside	8.30 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(downside_2027q4_ir_activity, downside_2027q4_ir_realization).
Visible revenue before disposal downside_2027q4_visible_gross	2027Q4 / downside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction downside_2027q4_visible_divested	2027Q4 / downside	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue downside_2027q4_visible	2027Q4 / downside	3.20 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(downside_2027q4_visible_gross, downside_2027q4_visible_divested).
Assembly/module accepted-sales reference downside_2027q4_assembly_activity	2027Q4 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization downside_2027q4_assembly_realization	2027Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue downside_2027q4_assemblies	2027Q4 / downside	12.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(downside_2027q4_assembly_activity, downside_2027q4_assembly_realization).
Engineering revenue downside_2027q4_engineering	2027Q4 / downside	1.04 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2027q4_revenue	2027Q4 / downside	24.54 USD_millions	derived: Four reported product groups. Formula: sum(downside_2027q4_infrared, downside_2027q4_visible, downside_2027q4_assemblies, downside_2027q4_engineering).
ir pre-D&A margin downside_2027q4_ir_margin	2027Q4 / downside	35.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A downside_2027q4_ir_contribution	2027Q4 / downside	2.91 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2027q4_infrared, downside_2027q4_ir_margin).
visible pre-D&A margin downside_2027q4_visible_margin	2027Q4 / downside	20.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A downside_2027q4_visible_contribution	2027Q4 / downside	0.64 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2027q4_visible, downside_2027q4_visible_margin).
assembly pre-D&A margin downside_2027q4_assembly_margin	2027Q4 / downside	40.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A downside_2027q4_assembly_contribution	2027Q4 / downside	4.80 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2027q4_assemblies, downside_2027q4_assembly_margin).
engineering pre-D&A margin downside_2027q4_engineering_margin	2027Q4 / downside	50.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A downside_2027q4_engineering_contribution	2027Q4 / downside	0.52 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2027q4_engineering, downside_2027q4_engineering_margin).
Total contribution before D&A downside_2027q4_gross_contribution	2027Q4 / downside	8.87 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(downside_2027q4_ir_contribution, downside_2027q4_visible_contribution, downside_2027q4_assembly_contribution, downside_2027q4_engineering_contribution).
Recurring cash SG&A and development downside_2027q4_cash_opex	2027Q4 / downside	9.83 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q4_adj_ebitda	2027Q4 / downside	-0.97 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(downside_2027q4_gross_contribution, downside_2027q4_cash_opex).
D&A downside_2027q4_da	2027Q4 / downside	1.70 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2027q4_sbc	2027Q4 / downside	1.40 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense downside_2027q4_earnout_fv	2027Q4 / downside	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark downside_2027q4_gaap_exclusions	2027Q4 / downside	3.10 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(downside_2027q4_da, downside_2027q4_sbc, downside_2027q4_earnout_fv).
Operating income proxy downside_2027q4_operating_income	2027Q4 / downside	-4.07 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(downside_2027q4_adj_ebitda, downside_2027q4_gaap_exclusions).
Cash investment interest downside_2027q4_cash_interest_income	2027Q4 / downside	0.61 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest downside_2027q4_cash_earnings	2027Q4 / downside	-0.36 USD_millions	derived: No financing proceeds included. Formula: sum(downside_2027q4_adj_ebitda, downside_2027q4_cash_interest_income).
Inventory receivables and other cash use downside_2027q4_working_cash	2027Q4 / downside	3.45 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes downside_2027q4_cash_tax	2027Q4 / downside	0.30 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest downside_2027q4_cash_interest	2027Q4 / downside	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash downside_2027q4_cash_uses	2027Q4 / downside	3.78 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(downside_2027q4_working_cash, downside_2027q4_cash_tax, downside_2027q4_cash_interest).
Operating cash before acquisition earnouts downside_2027q4_cash_before_capex	2027Q4 / downside	-4.14 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(downside_2027q4_cash_earnings, downside_2027q4_cash_uses).
Cash PP&E downside_2027q4_capex	2027Q4 / downside	3.88 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction downside_2027q4_earnout_payment_flag	2027Q4 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement downside_2027q4_earnout_cash	2027Q4 / downside	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, downside_2027q4_earnout_payment_flag).
Assumed installment fraction downside_2027q4_sale_payment_flag	2027Q4 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments downside_2027q4_asset_sales	2027Q4 / downside	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, downside_2027q4_sale_payment_flag).
Operating cash proxy and sale principal downside_2027q4_cash_sources	2027Q4 / downside	-4.14 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(downside_2027q4_cash_before_capex, downside_2027q4_asset_sales).
PP&E and earnout cash downside_2027q4_cash_claims	2027Q4 / downside	3.88 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(downside_2027q4_capex, downside_2027q4_earnout_cash).
Cash after PP&E and cash earnouts downside_2027q4_cash_after_claims	2027Q4 / downside	-8.01 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(downside_2027q4_cash_sources, downside_2027q4_cash_claims).
Revenue from June backlog downside_2027q4_opening_backlog_delivery	2027Q4 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue downside_2027q4_book_ship	2027Q4 / downside	6.54 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(downside_2027q4_revenue, downside_2027q4_opening_backlog_delivery).
Cumulative June backlog recognized downside_2027q4_backlog_delivered	2027Q4 / downside	66.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(downside_backlog_zero, downside_2027q1_opening_backlog_delivery, downside_2027q2_opening_backlog_delivery, downside_2027q3_opening_backlog_delivery, downside_2027q4_opening_backlog_delivery).
Unconverted June backlog stock downside_2027q4_opening_backlog_remaining	2027Q4 / downside	44.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, downside_2027q4_backlog_delivered).
Infrared accepted sales at reference realization downside_2028q1_ir_activity	2028Q1 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization downside_2028q1_ir_realization	2028Q1 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue downside_2028q1_infrared	2028Q1 / downside	9.00 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(downside_2028q1_ir_activity, downside_2028q1_ir_realization).
Visible revenue before disposal downside_2028q1_visible_gross	2028Q1 / downside	4.10 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction downside_2028q1_visible_divested	2028Q1 / downside	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue downside_2028q1_visible	2028Q1 / downside	3.30 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(downside_2028q1_visible_gross, downside_2028q1_visible_divested).
Assembly/module accepted-sales reference downside_2028q1_assembly_activity	2028Q1 / downside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization downside_2028q1_assembly_realization	2028Q1 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue downside_2028q1_assemblies	2028Q1 / downside	13.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(downside_2028q1_assembly_activity, downside_2028q1_assembly_realization).
Engineering revenue downside_2028q1_engineering	2028Q1 / downside	1.12 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2028q1_revenue	2028Q1 / downside	26.42 USD_millions	derived: Four reported product groups. Formula: sum(downside_2028q1_infrared, downside_2028q1_visible, downside_2028q1_assemblies, downside_2028q1_engineering).
ir pre-D&A margin downside_2028q1_ir_margin	2028Q1 / downside	35.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A downside_2028q1_ir_contribution	2028Q1 / downside	3.15 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2028q1_infrared, downside_2028q1_ir_margin).
visible pre-D&A margin downside_2028q1_visible_margin	2028Q1 / downside	20.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A downside_2028q1_visible_contribution	2028Q1 / downside	0.66 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2028q1_visible, downside_2028q1_visible_margin).
assembly pre-D&A margin downside_2028q1_assembly_margin	2028Q1 / downside	40.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A downside_2028q1_assembly_contribution	2028Q1 / downside	5.20 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2028q1_assemblies, downside_2028q1_assembly_margin).
engineering pre-D&A margin downside_2028q1_engineering_margin	2028Q1 / downside	50.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A downside_2028q1_engineering_contribution	2028Q1 / downside	0.56 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2028q1_engineering, downside_2028q1_engineering_margin).
Total contribution before D&A downside_2028q1_gross_contribution	2028Q1 / downside	9.57 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(downside_2028q1_ir_contribution, downside_2028q1_visible_contribution, downside_2028q1_assembly_contribution, downside_2028q1_engineering_contribution).
Recurring cash SG&A and development downside_2028q1_cash_opex	2028Q1 / downside	10.35 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2028q1_adj_ebitda	2028Q1 / downside	-0.78 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(downside_2028q1_gross_contribution, downside_2028q1_cash_opex).
D&A downside_2028q1_da	2028Q1 / downside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2028q1_sbc	2028Q1 / downside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense downside_2028q1_earnout_fv	2028Q1 / downside	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark downside_2028q1_gaap_exclusions	2028Q1 / downside	3.30 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(downside_2028q1_da, downside_2028q1_sbc, downside_2028q1_earnout_fv).
Operating income proxy downside_2028q1_operating_income	2028Q1 / downside	-4.08 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(downside_2028q1_adj_ebitda, downside_2028q1_gaap_exclusions).
Cash investment interest downside_2028q1_cash_interest_income	2028Q1 / downside	0.58 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest downside_2028q1_cash_earnings	2028Q1 / downside	-0.20 USD_millions	derived: No financing proceeds included. Formula: sum(downside_2028q1_adj_ebitda, downside_2028q1_cash_interest_income).
Inventory receivables and other cash use downside_2028q1_working_cash	2028Q1 / downside	3.68 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes downside_2028q1_cash_tax	2028Q1 / downside	0.35 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest downside_2028q1_cash_interest	2028Q1 / downside	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash downside_2028q1_cash_uses	2028Q1 / downside	4.06 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(downside_2028q1_working_cash, downside_2028q1_cash_tax, downside_2028q1_cash_interest).
Operating cash before acquisition earnouts downside_2028q1_cash_before_capex	2028Q1 / downside	-4.26 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(downside_2028q1_cash_earnings, downside_2028q1_cash_uses).
Cash PP&E downside_2028q1_capex	2028Q1 / downside	4.12 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction downside_2028q1_earnout_payment_flag	2028Q1 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement downside_2028q1_earnout_cash	2028Q1 / downside	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, downside_2028q1_earnout_payment_flag).
Assumed installment fraction downside_2028q1_sale_payment_flag	2028Q1 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments downside_2028q1_asset_sales	2028Q1 / downside	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, downside_2028q1_sale_payment_flag).
Operating cash proxy and sale principal downside_2028q1_cash_sources	2028Q1 / downside	-4.26 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(downside_2028q1_cash_before_capex, downside_2028q1_asset_sales).
PP&E and earnout cash downside_2028q1_cash_claims	2028Q1 / downside	4.12 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(downside_2028q1_capex, downside_2028q1_earnout_cash).
Cash after PP&E and cash earnouts downside_2028q1_cash_after_claims	2028Q1 / downside	-8.38 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(downside_2028q1_cash_sources, downside_2028q1_cash_claims).
Revenue from June backlog downside_2028q1_opening_backlog_delivery	2028Q1 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue downside_2028q1_book_ship	2028Q1 / downside	16.42 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(downside_2028q1_revenue, downside_2028q1_opening_backlog_delivery).
Cumulative June backlog recognized downside_2028q1_backlog_delivered	2028Q1 / downside	76.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(downside_backlog_zero, downside_2027q1_opening_backlog_delivery, downside_2027q2_opening_backlog_delivery, downside_2027q3_opening_backlog_delivery, downside_2027q4_opening_backlog_delivery, downside_2028q1_opening_backlog_delivery).
Unconverted June backlog stock downside_2028q1_opening_backlog_remaining	2028Q1 / downside	34.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, downside_2028q1_backlog_delivered).
Infrared accepted sales at reference realization downside_2028q2_ir_activity	2028Q2 / downside	9.50 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization downside_2028q2_ir_realization	2028Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue downside_2028q2_infrared	2028Q2 / downside	9.50 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(downside_2028q2_ir_activity, downside_2028q2_ir_realization).
Visible revenue before disposal downside_2028q2_visible_gross	2028Q2 / downside	4.20 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction downside_2028q2_visible_divested	2028Q2 / downside	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue downside_2028q2_visible	2028Q2 / downside	3.40 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(downside_2028q2_visible_gross, downside_2028q2_visible_divested).
Assembly/module accepted-sales reference downside_2028q2_assembly_activity	2028Q2 / downside	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization downside_2028q2_assembly_realization	2028Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue downside_2028q2_assemblies	2028Q2 / downside	14.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(downside_2028q2_assembly_activity, downside_2028q2_assembly_realization).
Engineering revenue downside_2028q2_engineering	2028Q2 / downside	1.20 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2028q2_revenue	2028Q2 / downside	28.10 USD_millions	derived: Four reported product groups. Formula: sum(downside_2028q2_infrared, downside_2028q2_visible, downside_2028q2_assemblies, downside_2028q2_engineering).
ir pre-D&A margin downside_2028q2_ir_margin	2028Q2 / downside	35.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A downside_2028q2_ir_contribution	2028Q2 / downside	3.33 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2028q2_infrared, downside_2028q2_ir_margin).
visible pre-D&A margin downside_2028q2_visible_margin	2028Q2 / downside	20.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A downside_2028q2_visible_contribution	2028Q2 / downside	0.68 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2028q2_visible, downside_2028q2_visible_margin).
assembly pre-D&A margin downside_2028q2_assembly_margin	2028Q2 / downside	40.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A downside_2028q2_assembly_contribution	2028Q2 / downside	5.60 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2028q2_assemblies, downside_2028q2_assembly_margin).
engineering pre-D&A margin downside_2028q2_engineering_margin	2028Q2 / downside	50.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A downside_2028q2_engineering_contribution	2028Q2 / downside	0.60 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2028q2_engineering, downside_2028q2_engineering_margin).
Total contribution before D&A downside_2028q2_gross_contribution	2028Q2 / downside	10.21 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(downside_2028q2_ir_contribution, downside_2028q2_visible_contribution, downside_2028q2_assembly_contribution, downside_2028q2_engineering_contribution).
Recurring cash SG&A and development downside_2028q2_cash_opex	2028Q2 / downside	10.87 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2028q2_adj_ebitda	2028Q2 / downside	-0.66 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(downside_2028q2_gross_contribution, downside_2028q2_cash_opex).
D&A downside_2028q2_da	2028Q2 / downside	1.90 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2028q2_sbc	2028Q2 / downside	1.60 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense downside_2028q2_earnout_fv	2028Q2 / downside	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark downside_2028q2_gaap_exclusions	2028Q2 / downside	3.50 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(downside_2028q2_da, downside_2028q2_sbc, downside_2028q2_earnout_fv).
Operating income proxy downside_2028q2_operating_income	2028Q2 / downside	-4.16 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(downside_2028q2_adj_ebitda, downside_2028q2_gaap_exclusions).
Cash investment interest downside_2028q2_cash_interest_income	2028Q2 / downside	0.55 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest downside_2028q2_cash_earnings	2028Q2 / downside	-0.11 USD_millions	derived: No financing proceeds included. Formula: sum(downside_2028q2_adj_ebitda, downside_2028q2_cash_interest_income).
Inventory receivables and other cash use downside_2028q2_working_cash	2028Q2 / downside	3.91 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes downside_2028q2_cash_tax	2028Q2 / downside	0.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest downside_2028q2_cash_interest	2028Q2 / downside	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash downside_2028q2_cash_uses	2028Q2 / downside	4.34 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(downside_2028q2_working_cash, downside_2028q2_cash_tax, downside_2028q2_cash_interest).
Operating cash before acquisition earnouts downside_2028q2_cash_before_capex	2028Q2 / downside	-4.45 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(downside_2028q2_cash_earnings, downside_2028q2_cash_uses).
Cash PP&E downside_2028q2_capex	2028Q2 / downside	4.38 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction downside_2028q2_earnout_payment_flag	2028Q2 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement downside_2028q2_earnout_cash	2028Q2 / downside	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, downside_2028q2_earnout_payment_flag).
Assumed installment fraction downside_2028q2_sale_payment_flag	2028Q2 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments downside_2028q2_asset_sales	2028Q2 / downside	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, downside_2028q2_sale_payment_flag).
Operating cash proxy and sale principal downside_2028q2_cash_sources	2028Q2 / downside	-4.45 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(downside_2028q2_cash_before_capex, downside_2028q2_asset_sales).
PP&E and earnout cash downside_2028q2_cash_claims	2028Q2 / downside	4.38 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(downside_2028q2_capex, downside_2028q2_earnout_cash).
Cash after PP&E and cash earnouts downside_2028q2_cash_after_claims	2028Q2 / downside	-8.83 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(downside_2028q2_cash_sources, downside_2028q2_cash_claims).
Revenue from June backlog downside_2028q2_opening_backlog_delivery	2028Q2 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue downside_2028q2_book_ship	2028Q2 / downside	18.10 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(downside_2028q2_revenue, downside_2028q2_opening_backlog_delivery).
Cumulative June backlog recognized downside_2028q2_backlog_delivered	2028Q2 / downside	86.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(downside_backlog_zero, downside_2027q1_opening_backlog_delivery, downside_2027q2_opening_backlog_delivery, downside_2027q3_opening_backlog_delivery, downside_2027q4_opening_backlog_delivery, downside_2028q1_opening_backlog_delivery, downside_2028q2_opening_backlog_delivery).
Unconverted June backlog stock downside_2028q2_opening_backlog_remaining	2028Q2 / downside	24.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, downside_2028q2_backlog_delivered).
Infrared accepted sales at reference realization downside_2028q3_ir_activity	2028Q3 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization downside_2028q3_ir_realization	2028Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue downside_2028q3_infrared	2028Q3 / downside	10.00 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(downside_2028q3_ir_activity, downside_2028q3_ir_realization).
Visible revenue before disposal downside_2028q3_visible_gross	2028Q3 / downside	4.30 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction downside_2028q3_visible_divested	2028Q3 / downside	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue downside_2028q3_visible	2028Q3 / downside	3.50 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(downside_2028q3_visible_gross, downside_2028q3_visible_divested).
Assembly/module accepted-sales reference downside_2028q3_assembly_activity	2028Q3 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization downside_2028q3_assembly_realization	2028Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue downside_2028q3_assemblies	2028Q3 / downside	15.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(downside_2028q3_assembly_activity, downside_2028q3_assembly_realization).
Engineering revenue downside_2028q3_engineering	2028Q3 / downside	1.28 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2028q3_revenue	2028Q3 / downside	29.78 USD_millions	derived: Four reported product groups. Formula: sum(downside_2028q3_infrared, downside_2028q3_visible, downside_2028q3_assemblies, downside_2028q3_engineering).
ir pre-D&A margin downside_2028q3_ir_margin	2028Q3 / downside	35.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A downside_2028q3_ir_contribution	2028Q3 / downside	3.50 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2028q3_infrared, downside_2028q3_ir_margin).
visible pre-D&A margin downside_2028q3_visible_margin	2028Q3 / downside	20.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A downside_2028q3_visible_contribution	2028Q3 / downside	0.70 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2028q3_visible, downside_2028q3_visible_margin).
assembly pre-D&A margin downside_2028q3_assembly_margin	2028Q3 / downside	40.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A downside_2028q3_assembly_contribution	2028Q3 / downside	6.00 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2028q3_assemblies, downside_2028q3_assembly_margin).
engineering pre-D&A margin downside_2028q3_engineering_margin	2028Q3 / downside	50.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A downside_2028q3_engineering_contribution	2028Q3 / downside	0.64 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2028q3_engineering, downside_2028q3_engineering_margin).
Total contribution before D&A downside_2028q3_gross_contribution	2028Q3 / downside	10.84 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(downside_2028q3_ir_contribution, downside_2028q3_visible_contribution, downside_2028q3_assembly_contribution, downside_2028q3_engineering_contribution).
Recurring cash SG&A and development downside_2028q3_cash_opex	2028Q3 / downside	11.38 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2028q3_adj_ebitda	2028Q3 / downside	-0.54 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(downside_2028q3_gross_contribution, downside_2028q3_cash_opex).
D&A downside_2028q3_da	2028Q3 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2028q3_sbc	2028Q3 / downside	1.70 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense downside_2028q3_earnout_fv	2028Q3 / downside	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark downside_2028q3_gaap_exclusions	2028Q3 / downside	3.70 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(downside_2028q3_da, downside_2028q3_sbc, downside_2028q3_earnout_fv).
Operating income proxy downside_2028q3_operating_income	2028Q3 / downside	-4.25 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(downside_2028q3_adj_ebitda, downside_2028q3_gaap_exclusions).
Cash investment interest downside_2028q3_cash_interest_income	2028Q3 / downside	0.52 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest downside_2028q3_cash_earnings	2028Q3 / downside	-0.02 USD_millions	derived: No financing proceeds included. Formula: sum(downside_2028q3_adj_ebitda, downside_2028q3_cash_interest_income).
Inventory receivables and other cash use downside_2028q3_working_cash	2028Q3 / downside	4.14 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes downside_2028q3_cash_tax	2028Q3 / downside	0.45 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest downside_2028q3_cash_interest	2028Q3 / downside	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash downside_2028q3_cash_uses	2028Q3 / downside	4.62 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(downside_2028q3_working_cash, downside_2028q3_cash_tax, downside_2028q3_cash_interest).
Operating cash before acquisition earnouts downside_2028q3_cash_before_capex	2028Q3 / downside	-4.64 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(downside_2028q3_cash_earnings, downside_2028q3_cash_uses).
Cash PP&E downside_2028q3_capex	2028Q3 / downside	4.62 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction downside_2028q3_earnout_payment_flag	2028Q3 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement downside_2028q3_earnout_cash	2028Q3 / downside	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, downside_2028q3_earnout_payment_flag).
Assumed installment fraction downside_2028q3_sale_payment_flag	2028Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments downside_2028q3_asset_sales	2028Q3 / downside	0.50 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, downside_2028q3_sale_payment_flag).
Operating cash proxy and sale principal downside_2028q3_cash_sources	2028Q3 / downside	-4.14 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(downside_2028q3_cash_before_capex, downside_2028q3_asset_sales).
PP&E and earnout cash downside_2028q3_cash_claims	2028Q3 / downside	4.62 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(downside_2028q3_capex, downside_2028q3_earnout_cash).
Cash after PP&E and cash earnouts downside_2028q3_cash_after_claims	2028Q3 / downside	-8.77 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(downside_2028q3_cash_sources, downside_2028q3_cash_claims).
Revenue from June backlog downside_2028q3_opening_backlog_delivery	2028Q3 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue downside_2028q3_book_ship	2028Q3 / downside	19.78 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(downside_2028q3_revenue, downside_2028q3_opening_backlog_delivery).
Cumulative June backlog recognized downside_2028q3_backlog_delivered	2028Q3 / downside	96.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(downside_backlog_zero, downside_2027q1_opening_backlog_delivery, downside_2027q2_opening_backlog_delivery, downside_2027q3_opening_backlog_delivery, downside_2027q4_opening_backlog_delivery, downside_2028q1_opening_backlog_delivery, downside_2028q2_opening_backlog_delivery, downside_2028q3_opening_backlog_delivery).
Unconverted June backlog stock downside_2028q3_opening_backlog_remaining	2028Q3 / downside	14.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, downside_2028q3_backlog_delivered).
Infrared accepted sales at reference realization downside_2028q4_ir_activity	2028Q4 / downside	10.50 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization downside_2028q4_ir_realization	2028Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue downside_2028q4_infrared	2028Q4 / downside	10.50 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(downside_2028q4_ir_activity, downside_2028q4_ir_realization).
Visible revenue before disposal downside_2028q4_visible_gross	2028Q4 / downside	4.40 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction downside_2028q4_visible_divested	2028Q4 / downside	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue downside_2028q4_visible	2028Q4 / downside	3.60 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(downside_2028q4_visible_gross, downside_2028q4_visible_divested).
Assembly/module accepted-sales reference downside_2028q4_assembly_activity	2028Q4 / downside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization downside_2028q4_assembly_realization	2028Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue downside_2028q4_assemblies	2028Q4 / downside	16.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(downside_2028q4_assembly_activity, downside_2028q4_assembly_realization).
Engineering revenue downside_2028q4_engineering	2028Q4 / downside	1.36 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2028q4_revenue	2028Q4 / downside	31.46 USD_millions	derived: Four reported product groups. Formula: sum(downside_2028q4_infrared, downside_2028q4_visible, downside_2028q4_assemblies, downside_2028q4_engineering).
ir pre-D&A margin downside_2028q4_ir_margin	2028Q4 / downside	35.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A downside_2028q4_ir_contribution	2028Q4 / downside	3.68 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2028q4_infrared, downside_2028q4_ir_margin).
visible pre-D&A margin downside_2028q4_visible_margin	2028Q4 / downside	20.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A downside_2028q4_visible_contribution	2028Q4 / downside	0.72 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2028q4_visible, downside_2028q4_visible_margin).
assembly pre-D&A margin downside_2028q4_assembly_margin	2028Q4 / downside	40.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A downside_2028q4_assembly_contribution	2028Q4 / downside	6.40 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2028q4_assemblies, downside_2028q4_assembly_margin).
engineering pre-D&A margin downside_2028q4_engineering_margin	2028Q4 / downside	50.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A downside_2028q4_engineering_contribution	2028Q4 / downside	0.68 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(downside_2028q4_engineering, downside_2028q4_engineering_margin).
Total contribution before D&A downside_2028q4_gross_contribution	2028Q4 / downside	11.48 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(downside_2028q4_ir_contribution, downside_2028q4_visible_contribution, downside_2028q4_assembly_contribution, downside_2028q4_engineering_contribution).
Recurring cash SG&A and development downside_2028q4_cash_opex	2028Q4 / downside	11.90 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2028q4_adj_ebitda	2028Q4 / downside	-0.43 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(downside_2028q4_gross_contribution, downside_2028q4_cash_opex).
D&A downside_2028q4_da	2028Q4 / downside	2.10 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2028q4_sbc	2028Q4 / downside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense downside_2028q4_earnout_fv	2028Q4 / downside	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark downside_2028q4_gaap_exclusions	2028Q4 / downside	3.90 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(downside_2028q4_da, downside_2028q4_sbc, downside_2028q4_earnout_fv).
Operating income proxy downside_2028q4_operating_income	2028Q4 / downside	-4.33 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(downside_2028q4_adj_ebitda, downside_2028q4_gaap_exclusions).
Cash investment interest downside_2028q4_cash_interest_income	2028Q4 / downside	0.49 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest downside_2028q4_cash_earnings	2028Q4 / downside	0.06 USD_millions	derived: No financing proceeds included. Formula: sum(downside_2028q4_adj_ebitda, downside_2028q4_cash_interest_income).
Inventory receivables and other cash use downside_2028q4_working_cash	2028Q4 / downside	4.37 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes downside_2028q4_cash_tax	2028Q4 / downside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest downside_2028q4_cash_interest	2028Q4 / downside	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash downside_2028q4_cash_uses	2028Q4 / downside	4.90 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(downside_2028q4_working_cash, downside_2028q4_cash_tax, downside_2028q4_cash_interest).
Operating cash before acquisition earnouts downside_2028q4_cash_before_capex	2028Q4 / downside	-4.84 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(downside_2028q4_cash_earnings, downside_2028q4_cash_uses).
Cash PP&E downside_2028q4_capex	2028Q4 / downside	4.88 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction downside_2028q4_earnout_payment_flag	2028Q4 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement downside_2028q4_earnout_cash	2028Q4 / downside	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, downside_2028q4_earnout_payment_flag).
Assumed installment fraction downside_2028q4_sale_payment_flag	2028Q4 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments downside_2028q4_asset_sales	2028Q4 / downside	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, downside_2028q4_sale_payment_flag).
Operating cash proxy and sale principal downside_2028q4_cash_sources	2028Q4 / downside	-4.84 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(downside_2028q4_cash_before_capex, downside_2028q4_asset_sales).
PP&E and earnout cash downside_2028q4_cash_claims	2028Q4 / downside	4.88 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(downside_2028q4_capex, downside_2028q4_earnout_cash).
Cash after PP&E and cash earnouts downside_2028q4_cash_after_claims	2028Q4 / downside	-9.71 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(downside_2028q4_cash_sources, downside_2028q4_cash_claims).
Revenue from June backlog downside_2028q4_opening_backlog_delivery	2028Q4 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue downside_2028q4_book_ship	2028Q4 / downside	21.46 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(downside_2028q4_revenue, downside_2028q4_opening_backlog_delivery).
Cumulative June backlog recognized downside_2028q4_backlog_delivered	2028Q4 / downside	106.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(downside_backlog_zero, downside_2027q1_opening_backlog_delivery, downside_2027q2_opening_backlog_delivery, downside_2027q3_opening_backlog_delivery, downside_2027q4_opening_backlog_delivery, downside_2028q1_opening_backlog_delivery, downside_2028q2_opening_backlog_delivery, downside_2028q3_opening_backlog_delivery, downside_2028q4_opening_backlog_delivery).
Unconverted June backlog stock downside_2028q4_opening_backlog_remaining	2028Q4 / downside	4.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, downside_2028q4_backlog_delivered).
Total revenue ($M) downside_fy2027_revenue	FY2027 / downside	89.78 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
Infrared components ($M) downside_fy2027_infrared	FY2027 / downside	30.10 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_infrared, downside_2027q2_infrared, downside_2027q3_infrared, downside_2027q4_infrared).
Visible components ($M) downside_fy2027_visible	FY2027 / downside	14.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_visible, downside_2027q2_visible, downside_2027q3_visible, downside_2027q4_visible).
Assemblies and modules ($M) downside_fy2027_assemblies	FY2027 / downside	42.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_assemblies, downside_2027q2_assemblies, downside_2027q3_assemblies, downside_2027q4_assemblies).
Engineering services ($M) downside_fy2027_engineering	FY2027 / downside	3.68 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_engineering, downside_2027q2_engineering, downside_2027q3_engineering, downside_2027q4_engineering).
Adjusted EBITDA proxy ($M) downside_fy2027_adj_ebitda	FY2027 / downside	-4.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_adj_ebitda, downside_2027q2_adj_ebitda, downside_2027q3_adj_ebitda, downside_2027q4_adj_ebitda).
Operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	-15.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Operating cash before earnouts ($M) downside_fy2027_cash_before_capex	FY2027 / downside	-15.07 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_before_capex, downside_2027q2_cash_before_capex, downside_2027q3_cash_before_capex, downside_2027q4_cash_before_capex).
Cash PP&E ($M) downside_fy2027_capex	FY2027 / downside	14.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
Total cash earnout settlement ($M) downside_fy2027_earnout_cash	FY2027 / downside	6.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_earnout_cash, downside_2027q2_earnout_cash, downside_2027q3_earnout_cash, downside_2027q4_earnout_cash).
Asset-sale principal receipts ($M) downside_fy2027_asset_sales	FY2027 / downside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_asset_sales, downside_2027q2_asset_sales, downside_2027q3_asset_sales, downside_2027q4_asset_sales).
Cash after PP&E and earnouts ($M) downside_fy2027_cash_after_claims	FY2027 / downside	-35.37 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_claims, downside_2027q2_cash_after_claims, downside_2027q3_cash_after_claims, downside_2027q4_cash_after_claims).
Total revenue ($M) downside_fy2028_revenue	FY2028 / downside	115.76 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_revenue, downside_2028q2_revenue, downside_2028q3_revenue, downside_2028q4_revenue).
Infrared components ($M) downside_fy2028_infrared	FY2028 / downside	39.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_infrared, downside_2028q2_infrared, downside_2028q3_infrared, downside_2028q4_infrared).
Visible components ($M) downside_fy2028_visible	FY2028 / downside	13.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_visible, downside_2028q2_visible, downside_2028q3_visible, downside_2028q4_visible).
Assemblies and modules ($M) downside_fy2028_assemblies	FY2028 / downside	58.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_assemblies, downside_2028q2_assemblies, downside_2028q3_assemblies, downside_2028q4_assemblies).
Engineering services ($M) downside_fy2028_engineering	FY2028 / downside	4.96 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_engineering, downside_2028q2_engineering, downside_2028q3_engineering, downside_2028q4_engineering).
Adjusted EBITDA proxy ($M) downside_fy2028_adj_ebitda	FY2028 / downside	-2.41 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_adj_ebitda, downside_2028q2_adj_ebitda, downside_2028q3_adj_ebitda, downside_2028q4_adj_ebitda).
Operating income proxy ($M) downside_fy2028_operating_income	FY2028 / downside	-16.81 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_operating_income, downside_2028q2_operating_income, downside_2028q3_operating_income, downside_2028q4_operating_income).
Operating cash before earnouts ($M) downside_fy2028_cash_before_capex	FY2028 / downside	-18.19 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cash_before_capex, downside_2028q2_cash_before_capex, downside_2028q3_cash_before_capex, downside_2028q4_cash_before_capex).
Cash PP&E ($M) downside_fy2028_capex	FY2028 / downside	18.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_capex, downside_2028q2_capex, downside_2028q3_capex, downside_2028q4_capex).
Total cash earnout settlement ($M) downside_fy2028_earnout_cash	FY2028 / downside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_earnout_cash, downside_2028q2_earnout_cash, downside_2028q3_earnout_cash, downside_2028q4_earnout_cash).
Asset-sale principal receipts ($M) downside_fy2028_asset_sales	FY2028 / downside	0.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_asset_sales, downside_2028q2_asset_sales, downside_2028q3_asset_sales, downside_2028q4_asset_sales).
Cash after PP&E and earnouts ($M) downside_fy2028_cash_after_claims	FY2028 / downside	-35.69 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cash_after_claims, downside_2028q2_cash_after_claims, downside_2028q3_cash_after_claims, downside_2028q4_cash_after_claims).
Initial delivered amount base_backlog_zero	Forecast / base	0.00 USD_millions	assumption: Arithmetic zero before forecast delivery.
Infrared accepted sales at reference realization base_2027q1_ir_activity	2027Q1 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization base_2027q1_ir_realization	2027Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue base_2027q1_infrared	2027Q1 / base	8.00 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(base_2027q1_ir_activity, base_2027q1_ir_realization).
Visible revenue before disposal base_2027q1_visible_gross	2027Q1 / base	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction base_2027q1_visible_divested	2027Q1 / base	0.00 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue base_2027q1_visible	2027Q1 / base	4.00 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(base_2027q1_visible_gross, base_2027q1_visible_divested).
Assembly/module accepted-sales reference base_2027q1_assembly_activity	2027Q1 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization base_2027q1_assembly_realization	2027Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue base_2027q1_assemblies	2027Q1 / base	11.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(base_2027q1_assembly_activity, base_2027q1_assembly_realization).
Engineering revenue base_2027q1_engineering	2027Q1 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2027q1_revenue	2027Q1 / base	24.00 USD_millions	derived: Four reported product groups. Formula: sum(base_2027q1_infrared, base_2027q1_visible, base_2027q1_assemblies, base_2027q1_engineering).
ir pre-D&A margin base_2027q1_ir_margin	2027Q1 / base	40.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A base_2027q1_ir_contribution	2027Q1 / base	3.20 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2027q1_infrared, base_2027q1_ir_margin).
visible pre-D&A margin base_2027q1_visible_margin	2027Q1 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A base_2027q1_visible_contribution	2027Q1 / base	1.00 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2027q1_visible, base_2027q1_visible_margin).
assembly pre-D&A margin base_2027q1_assembly_margin	2027Q1 / base	45.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A base_2027q1_assembly_contribution	2027Q1 / base	4.95 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2027q1_assemblies, base_2027q1_assembly_margin).
engineering pre-D&A margin base_2027q1_engineering_margin	2027Q1 / base	55.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A base_2027q1_engineering_contribution	2027Q1 / base	0.55 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2027q1_engineering, base_2027q1_engineering_margin).
Total contribution before D&A base_2027q1_gross_contribution	2027Q1 / base	9.70 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(base_2027q1_ir_contribution, base_2027q1_visible_contribution, base_2027q1_assembly_contribution, base_2027q1_engineering_contribution).
Recurring cash SG&A and development base_2027q1_cash_opex	2027Q1 / base	7.20 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q1_adj_ebitda	2027Q1 / base	2.50 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(base_2027q1_gross_contribution, base_2027q1_cash_opex).
D&A base_2027q1_da	2027Q1 / base	1.40 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2027q1_sbc	2027Q1 / base	1.10 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense base_2027q1_earnout_fv	2027Q1 / base	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark base_2027q1_gaap_exclusions	2027Q1 / base	2.50 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(base_2027q1_da, base_2027q1_sbc, base_2027q1_earnout_fv).
Operating income proxy base_2027q1_operating_income	2027Q1 / base	0.00 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(base_2027q1_adj_ebitda, base_2027q1_gaap_exclusions).
Cash investment interest base_2027q1_cash_interest_income	2027Q1 / base	0.70 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest base_2027q1_cash_earnings	2027Q1 / base	3.20 USD_millions	derived: No financing proceeds included. Formula: sum(base_2027q1_adj_ebitda, base_2027q1_cash_interest_income).
Inventory receivables and other cash use base_2027q1_working_cash	2027Q1 / base	2.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes base_2027q1_cash_tax	2027Q1 / base	0.15 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest base_2027q1_cash_interest	2027Q1 / base	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash base_2027q1_cash_uses	2027Q1 / base	2.58 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(base_2027q1_working_cash, base_2027q1_cash_tax, base_2027q1_cash_interest).
Operating cash before acquisition earnouts base_2027q1_cash_before_capex	2027Q1 / base	0.62 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(base_2027q1_cash_earnings, base_2027q1_cash_uses).
Cash PP&E base_2027q1_capex	2027Q1 / base	2.50 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction base_2027q1_earnout_payment_flag	2027Q1 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement base_2027q1_earnout_cash	2027Q1 / base	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, base_2027q1_earnout_payment_flag).
Assumed installment fraction base_2027q1_sale_payment_flag	2027Q1 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments base_2027q1_asset_sales	2027Q1 / base	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, base_2027q1_sale_payment_flag).
Operating cash proxy and sale principal base_2027q1_cash_sources	2027Q1 / base	0.62 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(base_2027q1_cash_before_capex, base_2027q1_asset_sales).
PP&E and earnout cash base_2027q1_cash_claims	2027Q1 / base	2.50 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(base_2027q1_capex, base_2027q1_earnout_cash).
Cash after PP&E and cash earnouts base_2027q1_cash_after_claims	2027Q1 / base	-1.88 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(base_2027q1_cash_sources, base_2027q1_cash_claims).
Revenue from June backlog base_2027q1_opening_backlog_delivery	2027Q1 / base	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue base_2027q1_book_ship	2027Q1 / base	6.00 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(base_2027q1_revenue, base_2027q1_opening_backlog_delivery).
Cumulative June backlog recognized base_2027q1_backlog_delivered	2027Q1 / base	18.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(base_backlog_zero, base_2027q1_opening_backlog_delivery).
Unconverted June backlog stock base_2027q1_opening_backlog_remaining	2027Q1 / base	92.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, base_2027q1_backlog_delivered).
Infrared accepted sales at reference realization base_2027q2_ir_activity	2027Q2 / base	8.80 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization base_2027q2_ir_realization	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue base_2027q2_infrared	2027Q2 / base	8.80 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(base_2027q2_ir_activity, base_2027q2_ir_realization).
Visible revenue before disposal base_2027q2_visible_gross	2027Q2 / base	4.30 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction base_2027q2_visible_divested	2027Q2 / base	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue base_2027q2_visible	2027Q2 / base	3.50 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(base_2027q2_visible_gross, base_2027q2_visible_divested).
Assembly/module accepted-sales reference base_2027q2_assembly_activity	2027Q2 / base	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization base_2027q2_assembly_realization	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue base_2027q2_assemblies	2027Q2 / base	13.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(base_2027q2_assembly_activity, base_2027q2_assembly_realization).
Engineering revenue base_2027q2_engineering	2027Q2 / base	1.10 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2027q2_revenue	2027Q2 / base	26.40 USD_millions	derived: Four reported product groups. Formula: sum(base_2027q2_infrared, base_2027q2_visible, base_2027q2_assemblies, base_2027q2_engineering).
ir pre-D&A margin base_2027q2_ir_margin	2027Q2 / base	40.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A base_2027q2_ir_contribution	2027Q2 / base	3.52 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2027q2_infrared, base_2027q2_ir_margin).
visible pre-D&A margin base_2027q2_visible_margin	2027Q2 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A base_2027q2_visible_contribution	2027Q2 / base	0.88 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2027q2_visible, base_2027q2_visible_margin).
assembly pre-D&A margin base_2027q2_assembly_margin	2027Q2 / base	45.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A base_2027q2_assembly_contribution	2027Q2 / base	5.85 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2027q2_assemblies, base_2027q2_assembly_margin).
engineering pre-D&A margin base_2027q2_engineering_margin	2027Q2 / base	55.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A base_2027q2_engineering_contribution	2027Q2 / base	0.61 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2027q2_engineering, base_2027q2_engineering_margin).
Total contribution before D&A base_2027q2_gross_contribution	2027Q2 / base	10.85 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(base_2027q2_ir_contribution, base_2027q2_visible_contribution, base_2027q2_assembly_contribution, base_2027q2_engineering_contribution).
Recurring cash SG&A and development base_2027q2_cash_opex	2027Q2 / base	7.65 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q2_adj_ebitda	2027Q2 / base	3.20 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(base_2027q2_gross_contribution, base_2027q2_cash_opex).
D&A base_2027q2_da	2027Q2 / base	1.50 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2027q2_sbc	2027Q2 / base	1.20 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense base_2027q2_earnout_fv	2027Q2 / base	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark base_2027q2_gaap_exclusions	2027Q2 / base	2.70 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(base_2027q2_da, base_2027q2_sbc, base_2027q2_earnout_fv).
Operating income proxy base_2027q2_operating_income	2027Q2 / base	0.50 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(base_2027q2_adj_ebitda, base_2027q2_gaap_exclusions).
Cash investment interest base_2027q2_cash_interest_income	2027Q2 / base	0.67 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest base_2027q2_cash_earnings	2027Q2 / base	3.87 USD_millions	derived: No financing proceeds included. Formula: sum(base_2027q2_adj_ebitda, base_2027q2_cash_interest_income).
Inventory receivables and other cash use base_2027q2_working_cash	2027Q2 / base	2.60 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes base_2027q2_cash_tax	2027Q2 / base	0.20 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest base_2027q2_cash_interest	2027Q2 / base	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash base_2027q2_cash_uses	2027Q2 / base	2.83 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(base_2027q2_working_cash, base_2027q2_cash_tax, base_2027q2_cash_interest).
Operating cash before acquisition earnouts base_2027q2_cash_before_capex	2027Q2 / base	1.04 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(base_2027q2_cash_earnings, base_2027q2_cash_uses).
Cash PP&E base_2027q2_capex	2027Q2 / base	2.70 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction base_2027q2_earnout_payment_flag	2027Q2 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement base_2027q2_earnout_cash	2027Q2 / base	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, base_2027q2_earnout_payment_flag).
Assumed installment fraction base_2027q2_sale_payment_flag	2027Q2 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments base_2027q2_asset_sales	2027Q2 / base	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, base_2027q2_sale_payment_flag).
Operating cash proxy and sale principal base_2027q2_cash_sources	2027Q2 / base	1.04 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(base_2027q2_cash_before_capex, base_2027q2_asset_sales).
PP&E and earnout cash base_2027q2_cash_claims	2027Q2 / base	2.70 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(base_2027q2_capex, base_2027q2_earnout_cash).
Cash after PP&E and cash earnouts base_2027q2_cash_after_claims	2027Q2 / base	-1.66 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(base_2027q2_cash_sources, base_2027q2_cash_claims).
Revenue from June backlog base_2027q2_opening_backlog_delivery	2027Q2 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue base_2027q2_book_ship	2027Q2 / base	6.40 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(base_2027q2_revenue, base_2027q2_opening_backlog_delivery).
Cumulative June backlog recognized base_2027q2_backlog_delivered	2027Q2 / base	38.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(base_backlog_zero, base_2027q1_opening_backlog_delivery, base_2027q2_opening_backlog_delivery).
Unconverted June backlog stock base_2027q2_opening_backlog_remaining	2027Q2 / base	72.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, base_2027q2_backlog_delivered).
Infrared accepted sales at reference realization base_2027q3_ir_activity	2027Q3 / base	9.50 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization base_2027q3_ir_realization	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue base_2027q3_infrared	2027Q3 / base	9.50 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(base_2027q3_ir_activity, base_2027q3_ir_realization).
Visible revenue before disposal base_2027q3_visible_gross	2027Q3 / base	4.10 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction base_2027q3_visible_divested	2027Q3 / base	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue base_2027q3_visible	2027Q3 / base	3.30 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(base_2027q3_visible_gross, base_2027q3_visible_divested).
Assembly/module accepted-sales reference base_2027q3_assembly_activity	2027Q3 / base	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization base_2027q3_assembly_realization	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue base_2027q3_assemblies	2027Q3 / base	15.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(base_2027q3_assembly_activity, base_2027q3_assembly_realization).
Engineering revenue base_2027q3_engineering	2027Q3 / base	1.20 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2027q3_revenue	2027Q3 / base	29.00 USD_millions	derived: Four reported product groups. Formula: sum(base_2027q3_infrared, base_2027q3_visible, base_2027q3_assemblies, base_2027q3_engineering).
ir pre-D&A margin base_2027q3_ir_margin	2027Q3 / base	40.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A base_2027q3_ir_contribution	2027Q3 / base	3.80 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2027q3_infrared, base_2027q3_ir_margin).
visible pre-D&A margin base_2027q3_visible_margin	2027Q3 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A base_2027q3_visible_contribution	2027Q3 / base	0.82 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2027q3_visible, base_2027q3_visible_margin).
assembly pre-D&A margin base_2027q3_assembly_margin	2027Q3 / base	45.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A base_2027q3_assembly_contribution	2027Q3 / base	6.75 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2027q3_assemblies, base_2027q3_assembly_margin).
engineering pre-D&A margin base_2027q3_engineering_margin	2027Q3 / base	55.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A base_2027q3_engineering_contribution	2027Q3 / base	0.66 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2027q3_engineering, base_2027q3_engineering_margin).
Total contribution before D&A base_2027q3_gross_contribution	2027Q3 / base	12.04 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(base_2027q3_ir_contribution, base_2027q3_visible_contribution, base_2027q3_assembly_contribution, base_2027q3_engineering_contribution).
Recurring cash SG&A and development base_2027q3_cash_opex	2027Q3 / base	8.10 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q3_adj_ebitda	2027Q3 / base	3.94 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(base_2027q3_gross_contribution, base_2027q3_cash_opex).
D&A base_2027q3_da	2027Q3 / base	1.60 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2027q3_sbc	2027Q3 / base	1.30 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense base_2027q3_earnout_fv	2027Q3 / base	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark base_2027q3_gaap_exclusions	2027Q3 / base	2.90 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(base_2027q3_da, base_2027q3_sbc, base_2027q3_earnout_fv).
Operating income proxy base_2027q3_operating_income	2027Q3 / base	1.04 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(base_2027q3_adj_ebitda, base_2027q3_gaap_exclusions).
Cash investment interest base_2027q3_cash_interest_income	2027Q3 / base	0.64 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest base_2027q3_cash_earnings	2027Q3 / base	4.58 USD_millions	derived: No financing proceeds included. Formula: sum(base_2027q3_adj_ebitda, base_2027q3_cash_interest_income).
Inventory receivables and other cash use base_2027q3_working_cash	2027Q3 / base	2.80 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes base_2027q3_cash_tax	2027Q3 / base	0.25 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest base_2027q3_cash_interest	2027Q3 / base	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash base_2027q3_cash_uses	2027Q3 / base	3.08 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(base_2027q3_working_cash, base_2027q3_cash_tax, base_2027q3_cash_interest).
Operating cash before acquisition earnouts base_2027q3_cash_before_capex	2027Q3 / base	1.50 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(base_2027q3_cash_earnings, base_2027q3_cash_uses).
Cash PP&E base_2027q3_capex	2027Q3 / base	2.90 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction base_2027q3_earnout_payment_flag	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement base_2027q3_earnout_cash	2027Q3 / base	6.30 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, base_2027q3_earnout_payment_flag).
Assumed installment fraction base_2027q3_sale_payment_flag	2027Q3 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments base_2027q3_asset_sales	2027Q3 / base	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, base_2027q3_sale_payment_flag).
Operating cash proxy and sale principal base_2027q3_cash_sources	2027Q3 / base	1.50 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(base_2027q3_cash_before_capex, base_2027q3_asset_sales).
PP&E and earnout cash base_2027q3_cash_claims	2027Q3 / base	9.20 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(base_2027q3_capex, base_2027q3_earnout_cash).
Cash after PP&E and cash earnouts base_2027q3_cash_after_claims	2027Q3 / base	-7.70 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(base_2027q3_cash_sources, base_2027q3_cash_claims).
Revenue from June backlog base_2027q3_opening_backlog_delivery	2027Q3 / base	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue base_2027q3_book_ship	2027Q3 / base	6.00 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(base_2027q3_revenue, base_2027q3_opening_backlog_delivery).
Cumulative June backlog recognized base_2027q3_backlog_delivered	2027Q3 / base	61.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(base_backlog_zero, base_2027q1_opening_backlog_delivery, base_2027q2_opening_backlog_delivery, base_2027q3_opening_backlog_delivery).
Unconverted June backlog stock base_2027q3_opening_backlog_remaining	2027Q3 / base	49.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, base_2027q3_backlog_delivered).
Infrared accepted sales at reference realization base_2027q4_ir_activity	2027Q4 / base	10.50 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization base_2027q4_ir_realization	2027Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue base_2027q4_infrared	2027Q4 / base	10.50 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(base_2027q4_ir_activity, base_2027q4_ir_realization).
Visible revenue before disposal base_2027q4_visible_gross	2027Q4 / base	4.10 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction base_2027q4_visible_divested	2027Q4 / base	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue base_2027q4_visible	2027Q4 / base	3.30 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(base_2027q4_visible_gross, base_2027q4_visible_divested).
Assembly/module accepted-sales reference base_2027q4_assembly_activity	2027Q4 / base	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization base_2027q4_assembly_realization	2027Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue base_2027q4_assemblies	2027Q4 / base	17.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(base_2027q4_assembly_activity, base_2027q4_assembly_realization).
Engineering revenue base_2027q4_engineering	2027Q4 / base	1.30 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2027q4_revenue	2027Q4 / base	32.10 USD_millions	derived: Four reported product groups. Formula: sum(base_2027q4_infrared, base_2027q4_visible, base_2027q4_assemblies, base_2027q4_engineering).
ir pre-D&A margin base_2027q4_ir_margin	2027Q4 / base	40.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A base_2027q4_ir_contribution	2027Q4 / base	4.20 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2027q4_infrared, base_2027q4_ir_margin).
visible pre-D&A margin base_2027q4_visible_margin	2027Q4 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A base_2027q4_visible_contribution	2027Q4 / base	0.82 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2027q4_visible, base_2027q4_visible_margin).
assembly pre-D&A margin base_2027q4_assembly_margin	2027Q4 / base	45.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A base_2027q4_assembly_contribution	2027Q4 / base	7.65 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2027q4_assemblies, base_2027q4_assembly_margin).
engineering pre-D&A margin base_2027q4_engineering_margin	2027Q4 / base	55.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A base_2027q4_engineering_contribution	2027Q4 / base	0.72 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2027q4_engineering, base_2027q4_engineering_margin).
Total contribution before D&A base_2027q4_gross_contribution	2027Q4 / base	13.39 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(base_2027q4_ir_contribution, base_2027q4_visible_contribution, base_2027q4_assembly_contribution, base_2027q4_engineering_contribution).
Recurring cash SG&A and development base_2027q4_cash_opex	2027Q4 / base	8.55 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q4_adj_ebitda	2027Q4 / base	4.84 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(base_2027q4_gross_contribution, base_2027q4_cash_opex).
D&A base_2027q4_da	2027Q4 / base	1.70 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2027q4_sbc	2027Q4 / base	1.40 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense base_2027q4_earnout_fv	2027Q4 / base	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark base_2027q4_gaap_exclusions	2027Q4 / base	3.10 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(base_2027q4_da, base_2027q4_sbc, base_2027q4_earnout_fv).
Operating income proxy base_2027q4_operating_income	2027Q4 / base	1.74 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(base_2027q4_adj_ebitda, base_2027q4_gaap_exclusions).
Cash investment interest base_2027q4_cash_interest_income	2027Q4 / base	0.61 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest base_2027q4_cash_earnings	2027Q4 / base	5.45 USD_millions	derived: No financing proceeds included. Formula: sum(base_2027q4_adj_ebitda, base_2027q4_cash_interest_income).
Inventory receivables and other cash use base_2027q4_working_cash	2027Q4 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes base_2027q4_cash_tax	2027Q4 / base	0.30 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest base_2027q4_cash_interest	2027Q4 / base	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash base_2027q4_cash_uses	2027Q4 / base	3.33 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(base_2027q4_working_cash, base_2027q4_cash_tax, base_2027q4_cash_interest).
Operating cash before acquisition earnouts base_2027q4_cash_before_capex	2027Q4 / base	2.12 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(base_2027q4_cash_earnings, base_2027q4_cash_uses).
Cash PP&E base_2027q4_capex	2027Q4 / base	3.10 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction base_2027q4_earnout_payment_flag	2027Q4 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement base_2027q4_earnout_cash	2027Q4 / base	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, base_2027q4_earnout_payment_flag).
Assumed installment fraction base_2027q4_sale_payment_flag	2027Q4 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments base_2027q4_asset_sales	2027Q4 / base	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, base_2027q4_sale_payment_flag).
Operating cash proxy and sale principal base_2027q4_cash_sources	2027Q4 / base	2.12 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(base_2027q4_cash_before_capex, base_2027q4_asset_sales).
PP&E and earnout cash base_2027q4_cash_claims	2027Q4 / base	3.10 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(base_2027q4_capex, base_2027q4_earnout_cash).
Cash after PP&E and cash earnouts base_2027q4_cash_after_claims	2027Q4 / base	-0.98 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(base_2027q4_cash_sources, base_2027q4_cash_claims).
Revenue from June backlog base_2027q4_opening_backlog_delivery	2027Q4 / base	24.60 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue base_2027q4_book_ship	2027Q4 / base	7.50 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(base_2027q4_revenue, base_2027q4_opening_backlog_delivery).
Cumulative June backlog recognized base_2027q4_backlog_delivered	2027Q4 / base	85.60 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(base_backlog_zero, base_2027q1_opening_backlog_delivery, base_2027q2_opening_backlog_delivery, base_2027q3_opening_backlog_delivery, base_2027q4_opening_backlog_delivery).
Unconverted June backlog stock base_2027q4_opening_backlog_remaining	2027Q4 / base	25.30 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, base_2027q4_backlog_delivered).
Infrared accepted sales at reference realization base_2028q1_ir_activity	2028Q1 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization base_2028q1_ir_realization	2028Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue base_2028q1_infrared	2028Q1 / base	12.00 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(base_2028q1_ir_activity, base_2028q1_ir_realization).
Visible revenue before disposal base_2028q1_visible_gross	2028Q1 / base	4.20 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction base_2028q1_visible_divested	2028Q1 / base	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue base_2028q1_visible	2028Q1 / base	3.40 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(base_2028q1_visible_gross, base_2028q1_visible_divested).
Assembly/module accepted-sales reference base_2028q1_assembly_activity	2028Q1 / base	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization base_2028q1_assembly_realization	2028Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue base_2028q1_assemblies	2028Q1 / base	19.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(base_2028q1_assembly_activity, base_2028q1_assembly_realization).
Engineering revenue base_2028q1_engineering	2028Q1 / base	1.40 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2028q1_revenue	2028Q1 / base	35.80 USD_millions	derived: Four reported product groups. Formula: sum(base_2028q1_infrared, base_2028q1_visible, base_2028q1_assemblies, base_2028q1_engineering).
ir pre-D&A margin base_2028q1_ir_margin	2028Q1 / base	40.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A base_2028q1_ir_contribution	2028Q1 / base	4.80 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2028q1_infrared, base_2028q1_ir_margin).
visible pre-D&A margin base_2028q1_visible_margin	2028Q1 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A base_2028q1_visible_contribution	2028Q1 / base	0.85 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2028q1_visible, base_2028q1_visible_margin).
assembly pre-D&A margin base_2028q1_assembly_margin	2028Q1 / base	45.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A base_2028q1_assembly_contribution	2028Q1 / base	8.55 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2028q1_assemblies, base_2028q1_assembly_margin).
engineering pre-D&A margin base_2028q1_engineering_margin	2028Q1 / base	55.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A base_2028q1_engineering_contribution	2028Q1 / base	0.77 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2028q1_engineering, base_2028q1_engineering_margin).
Total contribution before D&A base_2028q1_gross_contribution	2028Q1 / base	14.97 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(base_2028q1_ir_contribution, base_2028q1_visible_contribution, base_2028q1_assembly_contribution, base_2028q1_engineering_contribution).
Recurring cash SG&A and development base_2028q1_cash_opex	2028Q1 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2028q1_adj_ebitda	2028Q1 / base	5.97 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(base_2028q1_gross_contribution, base_2028q1_cash_opex).
D&A base_2028q1_da	2028Q1 / base	1.80 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2028q1_sbc	2028Q1 / base	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense base_2028q1_earnout_fv	2028Q1 / base	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark base_2028q1_gaap_exclusions	2028Q1 / base	3.30 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(base_2028q1_da, base_2028q1_sbc, base_2028q1_earnout_fv).
Operating income proxy base_2028q1_operating_income	2028Q1 / base	2.67 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(base_2028q1_adj_ebitda, base_2028q1_gaap_exclusions).
Cash investment interest base_2028q1_cash_interest_income	2028Q1 / base	0.58 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest base_2028q1_cash_earnings	2028Q1 / base	6.55 USD_millions	derived: No financing proceeds included. Formula: sum(base_2028q1_adj_ebitda, base_2028q1_cash_interest_income).
Inventory receivables and other cash use base_2028q1_working_cash	2028Q1 / base	3.20 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes base_2028q1_cash_tax	2028Q1 / base	0.35 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest base_2028q1_cash_interest	2028Q1 / base	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash base_2028q1_cash_uses	2028Q1 / base	3.58 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(base_2028q1_working_cash, base_2028q1_cash_tax, base_2028q1_cash_interest).
Operating cash before acquisition earnouts base_2028q1_cash_before_capex	2028Q1 / base	2.97 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(base_2028q1_cash_earnings, base_2028q1_cash_uses).
Cash PP&E base_2028q1_capex	2028Q1 / base	3.30 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction base_2028q1_earnout_payment_flag	2028Q1 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement base_2028q1_earnout_cash	2028Q1 / base	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, base_2028q1_earnout_payment_flag).
Assumed installment fraction base_2028q1_sale_payment_flag	2028Q1 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments base_2028q1_asset_sales	2028Q1 / base	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, base_2028q1_sale_payment_flag).
Operating cash proxy and sale principal base_2028q1_cash_sources	2028Q1 / base	2.97 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(base_2028q1_cash_before_capex, base_2028q1_asset_sales).
PP&E and earnout cash base_2028q1_cash_claims	2028Q1 / base	3.30 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(base_2028q1_capex, base_2028q1_earnout_cash).
Cash after PP&E and cash earnouts base_2028q1_cash_after_claims	2028Q1 / base	-0.33 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(base_2028q1_cash_sources, base_2028q1_cash_claims).
Revenue from June backlog base_2028q1_opening_backlog_delivery	2028Q1 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue base_2028q1_book_ship	2028Q1 / base	29.80 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(base_2028q1_revenue, base_2028q1_opening_backlog_delivery).
Cumulative June backlog recognized base_2028q1_backlog_delivered	2028Q1 / base	91.60 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(base_backlog_zero, base_2027q1_opening_backlog_delivery, base_2027q2_opening_backlog_delivery, base_2027q3_opening_backlog_delivery, base_2027q4_opening_backlog_delivery, base_2028q1_opening_backlog_delivery).
Unconverted June backlog stock base_2028q1_opening_backlog_remaining	2028Q1 / base	19.30 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, base_2028q1_backlog_delivered).
Infrared accepted sales at reference realization base_2028q2_ir_activity	2028Q2 / base	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization base_2028q2_ir_realization	2028Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue base_2028q2_infrared	2028Q2 / base	13.00 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(base_2028q2_ir_activity, base_2028q2_ir_realization).
Visible revenue before disposal base_2028q2_visible_gross	2028Q2 / base	4.30 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction base_2028q2_visible_divested	2028Q2 / base	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue base_2028q2_visible	2028Q2 / base	3.50 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(base_2028q2_visible_gross, base_2028q2_visible_divested).
Assembly/module accepted-sales reference base_2028q2_assembly_activity	2028Q2 / base	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization base_2028q2_assembly_realization	2028Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue base_2028q2_assemblies	2028Q2 / base	22.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(base_2028q2_assembly_activity, base_2028q2_assembly_realization).
Engineering revenue base_2028q2_engineering	2028Q2 / base	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2028q2_revenue	2028Q2 / base	40.00 USD_millions	derived: Four reported product groups. Formula: sum(base_2028q2_infrared, base_2028q2_visible, base_2028q2_assemblies, base_2028q2_engineering).
ir pre-D&A margin base_2028q2_ir_margin	2028Q2 / base	40.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A base_2028q2_ir_contribution	2028Q2 / base	5.20 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2028q2_infrared, base_2028q2_ir_margin).
visible pre-D&A margin base_2028q2_visible_margin	2028Q2 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A base_2028q2_visible_contribution	2028Q2 / base	0.88 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2028q2_visible, base_2028q2_visible_margin).
assembly pre-D&A margin base_2028q2_assembly_margin	2028Q2 / base	45.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A base_2028q2_assembly_contribution	2028Q2 / base	9.90 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2028q2_assemblies, base_2028q2_assembly_margin).
engineering pre-D&A margin base_2028q2_engineering_margin	2028Q2 / base	55.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A base_2028q2_engineering_contribution	2028Q2 / base	0.83 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2028q2_engineering, base_2028q2_engineering_margin).
Total contribution before D&A base_2028q2_gross_contribution	2028Q2 / base	16.80 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(base_2028q2_ir_contribution, base_2028q2_visible_contribution, base_2028q2_assembly_contribution, base_2028q2_engineering_contribution).
Recurring cash SG&A and development base_2028q2_cash_opex	2028Q2 / base	9.45 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2028q2_adj_ebitda	2028Q2 / base	7.35 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(base_2028q2_gross_contribution, base_2028q2_cash_opex).
D&A base_2028q2_da	2028Q2 / base	1.90 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2028q2_sbc	2028Q2 / base	1.60 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense base_2028q2_earnout_fv	2028Q2 / base	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark base_2028q2_gaap_exclusions	2028Q2 / base	3.50 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(base_2028q2_da, base_2028q2_sbc, base_2028q2_earnout_fv).
Operating income proxy base_2028q2_operating_income	2028Q2 / base	3.85 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(base_2028q2_adj_ebitda, base_2028q2_gaap_exclusions).
Cash investment interest base_2028q2_cash_interest_income	2028Q2 / base	0.55 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest base_2028q2_cash_earnings	2028Q2 / base	7.90 USD_millions	derived: No financing proceeds included. Formula: sum(base_2028q2_adj_ebitda, base_2028q2_cash_interest_income).
Inventory receivables and other cash use base_2028q2_working_cash	2028Q2 / base	3.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes base_2028q2_cash_tax	2028Q2 / base	0.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest base_2028q2_cash_interest	2028Q2 / base	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash base_2028q2_cash_uses	2028Q2 / base	3.83 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(base_2028q2_working_cash, base_2028q2_cash_tax, base_2028q2_cash_interest).
Operating cash before acquisition earnouts base_2028q2_cash_before_capex	2028Q2 / base	4.07 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(base_2028q2_cash_earnings, base_2028q2_cash_uses).
Cash PP&E base_2028q2_capex	2028Q2 / base	3.50 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction base_2028q2_earnout_payment_flag	2028Q2 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement base_2028q2_earnout_cash	2028Q2 / base	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, base_2028q2_earnout_payment_flag).
Assumed installment fraction base_2028q2_sale_payment_flag	2028Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments base_2028q2_asset_sales	2028Q2 / base	0.50 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, base_2028q2_sale_payment_flag).
Operating cash proxy and sale principal base_2028q2_cash_sources	2028Q2 / base	4.57 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(base_2028q2_cash_before_capex, base_2028q2_asset_sales).
PP&E and earnout cash base_2028q2_cash_claims	2028Q2 / base	3.50 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(base_2028q2_capex, base_2028q2_earnout_cash).
Cash after PP&E and cash earnouts base_2028q2_cash_after_claims	2028Q2 / base	1.07 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(base_2028q2_cash_sources, base_2028q2_cash_claims).
Revenue from June backlog base_2028q2_opening_backlog_delivery	2028Q2 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue base_2028q2_book_ship	2028Q2 / base	34.00 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(base_2028q2_revenue, base_2028q2_opening_backlog_delivery).
Cumulative June backlog recognized base_2028q2_backlog_delivered	2028Q2 / base	97.60 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(base_backlog_zero, base_2027q1_opening_backlog_delivery, base_2027q2_opening_backlog_delivery, base_2027q3_opening_backlog_delivery, base_2027q4_opening_backlog_delivery, base_2028q1_opening_backlog_delivery, base_2028q2_opening_backlog_delivery).
Unconverted June backlog stock base_2028q2_opening_backlog_remaining	2028Q2 / base	13.30 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, base_2028q2_backlog_delivered).
Infrared accepted sales at reference realization base_2028q3_ir_activity	2028Q3 / base	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization base_2028q3_ir_realization	2028Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue base_2028q3_infrared	2028Q3 / base	14.00 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(base_2028q3_ir_activity, base_2028q3_ir_realization).
Visible revenue before disposal base_2028q3_visible_gross	2028Q3 / base	4.40 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction base_2028q3_visible_divested	2028Q3 / base	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue base_2028q3_visible	2028Q3 / base	3.60 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(base_2028q3_visible_gross, base_2028q3_visible_divested).
Assembly/module accepted-sales reference base_2028q3_assembly_activity	2028Q3 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization base_2028q3_assembly_realization	2028Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue base_2028q3_assemblies	2028Q3 / base	25.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(base_2028q3_assembly_activity, base_2028q3_assembly_realization).
Engineering revenue base_2028q3_engineering	2028Q3 / base	1.60 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2028q3_revenue	2028Q3 / base	44.20 USD_millions	derived: Four reported product groups. Formula: sum(base_2028q3_infrared, base_2028q3_visible, base_2028q3_assemblies, base_2028q3_engineering).
ir pre-D&A margin base_2028q3_ir_margin	2028Q3 / base	40.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A base_2028q3_ir_contribution	2028Q3 / base	5.60 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2028q3_infrared, base_2028q3_ir_margin).
visible pre-D&A margin base_2028q3_visible_margin	2028Q3 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A base_2028q3_visible_contribution	2028Q3 / base	0.90 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2028q3_visible, base_2028q3_visible_margin).
assembly pre-D&A margin base_2028q3_assembly_margin	2028Q3 / base	45.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A base_2028q3_assembly_contribution	2028Q3 / base	11.25 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2028q3_assemblies, base_2028q3_assembly_margin).
engineering pre-D&A margin base_2028q3_engineering_margin	2028Q3 / base	55.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A base_2028q3_engineering_contribution	2028Q3 / base	0.88 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2028q3_engineering, base_2028q3_engineering_margin).
Total contribution before D&A base_2028q3_gross_contribution	2028Q3 / base	18.63 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(base_2028q3_ir_contribution, base_2028q3_visible_contribution, base_2028q3_assembly_contribution, base_2028q3_engineering_contribution).
Recurring cash SG&A and development base_2028q3_cash_opex	2028Q3 / base	9.90 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2028q3_adj_ebitda	2028Q3 / base	8.73 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(base_2028q3_gross_contribution, base_2028q3_cash_opex).
D&A base_2028q3_da	2028Q3 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2028q3_sbc	2028Q3 / base	1.70 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense base_2028q3_earnout_fv	2028Q3 / base	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark base_2028q3_gaap_exclusions	2028Q3 / base	3.70 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(base_2028q3_da, base_2028q3_sbc, base_2028q3_earnout_fv).
Operating income proxy base_2028q3_operating_income	2028Q3 / base	5.03 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(base_2028q3_adj_ebitda, base_2028q3_gaap_exclusions).
Cash investment interest base_2028q3_cash_interest_income	2028Q3 / base	0.52 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest base_2028q3_cash_earnings	2028Q3 / base	9.25 USD_millions	derived: No financing proceeds included. Formula: sum(base_2028q3_adj_ebitda, base_2028q3_cash_interest_income).
Inventory receivables and other cash use base_2028q3_working_cash	2028Q3 / base	3.60 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes base_2028q3_cash_tax	2028Q3 / base	0.45 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest base_2028q3_cash_interest	2028Q3 / base	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash base_2028q3_cash_uses	2028Q3 / base	4.08 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(base_2028q3_working_cash, base_2028q3_cash_tax, base_2028q3_cash_interest).
Operating cash before acquisition earnouts base_2028q3_cash_before_capex	2028Q3 / base	5.17 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(base_2028q3_cash_earnings, base_2028q3_cash_uses).
Cash PP&E base_2028q3_capex	2028Q3 / base	3.70 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction base_2028q3_earnout_payment_flag	2028Q3 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement base_2028q3_earnout_cash	2028Q3 / base	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, base_2028q3_earnout_payment_flag).
Assumed installment fraction base_2028q3_sale_payment_flag	2028Q3 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments base_2028q3_asset_sales	2028Q3 / base	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, base_2028q3_sale_payment_flag).
Operating cash proxy and sale principal base_2028q3_cash_sources	2028Q3 / base	5.17 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(base_2028q3_cash_before_capex, base_2028q3_asset_sales).
PP&E and earnout cash base_2028q3_cash_claims	2028Q3 / base	3.70 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(base_2028q3_capex, base_2028q3_earnout_cash).
Cash after PP&E and cash earnouts base_2028q3_cash_after_claims	2028Q3 / base	1.47 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(base_2028q3_cash_sources, base_2028q3_cash_claims).
Revenue from June backlog base_2028q3_opening_backlog_delivery	2028Q3 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue base_2028q3_book_ship	2028Q3 / base	38.20 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(base_2028q3_revenue, base_2028q3_opening_backlog_delivery).
Cumulative June backlog recognized base_2028q3_backlog_delivered	2028Q3 / base	103.60 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(base_backlog_zero, base_2027q1_opening_backlog_delivery, base_2027q2_opening_backlog_delivery, base_2027q3_opening_backlog_delivery, base_2027q4_opening_backlog_delivery, base_2028q1_opening_backlog_delivery, base_2028q2_opening_backlog_delivery, base_2028q3_opening_backlog_delivery).
Unconverted June backlog stock base_2028q3_opening_backlog_remaining	2028Q3 / base	7.30 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, base_2028q3_backlog_delivered).
Infrared accepted sales at reference realization base_2028q4_ir_activity	2028Q4 / base	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization base_2028q4_ir_realization	2028Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue base_2028q4_infrared	2028Q4 / base	15.00 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(base_2028q4_ir_activity, base_2028q4_ir_realization).
Visible revenue before disposal base_2028q4_visible_gross	2028Q4 / base	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction base_2028q4_visible_divested	2028Q4 / base	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue base_2028q4_visible	2028Q4 / base	3.70 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(base_2028q4_visible_gross, base_2028q4_visible_divested).
Assembly/module accepted-sales reference base_2028q4_assembly_activity	2028Q4 / base	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization base_2028q4_assembly_realization	2028Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue base_2028q4_assemblies	2028Q4 / base	28.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(base_2028q4_assembly_activity, base_2028q4_assembly_realization).
Engineering revenue base_2028q4_engineering	2028Q4 / base	1.70 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2028q4_revenue	2028Q4 / base	48.40 USD_millions	derived: Four reported product groups. Formula: sum(base_2028q4_infrared, base_2028q4_visible, base_2028q4_assemblies, base_2028q4_engineering).
ir pre-D&A margin base_2028q4_ir_margin	2028Q4 / base	40.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A base_2028q4_ir_contribution	2028Q4 / base	6.00 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2028q4_infrared, base_2028q4_ir_margin).
visible pre-D&A margin base_2028q4_visible_margin	2028Q4 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A base_2028q4_visible_contribution	2028Q4 / base	0.93 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2028q4_visible, base_2028q4_visible_margin).
assembly pre-D&A margin base_2028q4_assembly_margin	2028Q4 / base	45.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A base_2028q4_assembly_contribution	2028Q4 / base	12.60 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2028q4_assemblies, base_2028q4_assembly_margin).
engineering pre-D&A margin base_2028q4_engineering_margin	2028Q4 / base	55.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A base_2028q4_engineering_contribution	2028Q4 / base	0.94 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(base_2028q4_engineering, base_2028q4_engineering_margin).
Total contribution before D&A base_2028q4_gross_contribution	2028Q4 / base	20.46 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(base_2028q4_ir_contribution, base_2028q4_visible_contribution, base_2028q4_assembly_contribution, base_2028q4_engineering_contribution).
Recurring cash SG&A and development base_2028q4_cash_opex	2028Q4 / base	10.35 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2028q4_adj_ebitda	2028Q4 / base	10.11 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(base_2028q4_gross_contribution, base_2028q4_cash_opex).
D&A base_2028q4_da	2028Q4 / base	2.10 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2028q4_sbc	2028Q4 / base	1.80 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense base_2028q4_earnout_fv	2028Q4 / base	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark base_2028q4_gaap_exclusions	2028Q4 / base	3.90 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(base_2028q4_da, base_2028q4_sbc, base_2028q4_earnout_fv).
Operating income proxy base_2028q4_operating_income	2028Q4 / base	6.21 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(base_2028q4_adj_ebitda, base_2028q4_gaap_exclusions).
Cash investment interest base_2028q4_cash_interest_income	2028Q4 / base	0.49 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest base_2028q4_cash_earnings	2028Q4 / base	10.60 USD_millions	derived: No financing proceeds included. Formula: sum(base_2028q4_adj_ebitda, base_2028q4_cash_interest_income).
Inventory receivables and other cash use base_2028q4_working_cash	2028Q4 / base	3.80 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes base_2028q4_cash_tax	2028Q4 / base	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest base_2028q4_cash_interest	2028Q4 / base	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash base_2028q4_cash_uses	2028Q4 / base	4.33 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(base_2028q4_working_cash, base_2028q4_cash_tax, base_2028q4_cash_interest).
Operating cash before acquisition earnouts base_2028q4_cash_before_capex	2028Q4 / base	6.27 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(base_2028q4_cash_earnings, base_2028q4_cash_uses).
Cash PP&E base_2028q4_capex	2028Q4 / base	3.90 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction base_2028q4_earnout_payment_flag	2028Q4 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement base_2028q4_earnout_cash	2028Q4 / base	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, base_2028q4_earnout_payment_flag).
Assumed installment fraction base_2028q4_sale_payment_flag	2028Q4 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments base_2028q4_asset_sales	2028Q4 / base	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, base_2028q4_sale_payment_flag).
Operating cash proxy and sale principal base_2028q4_cash_sources	2028Q4 / base	6.27 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(base_2028q4_cash_before_capex, base_2028q4_asset_sales).
PP&E and earnout cash base_2028q4_cash_claims	2028Q4 / base	3.90 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(base_2028q4_capex, base_2028q4_earnout_cash).
Cash after PP&E and cash earnouts base_2028q4_cash_after_claims	2028Q4 / base	2.37 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(base_2028q4_cash_sources, base_2028q4_cash_claims).
Revenue from June backlog base_2028q4_opening_backlog_delivery	2028Q4 / base	7.30 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue base_2028q4_book_ship	2028Q4 / base	41.10 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(base_2028q4_revenue, base_2028q4_opening_backlog_delivery).
Cumulative June backlog recognized base_2028q4_backlog_delivered	2028Q4 / base	110.90 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(base_backlog_zero, base_2027q1_opening_backlog_delivery, base_2027q2_opening_backlog_delivery, base_2027q3_opening_backlog_delivery, base_2027q4_opening_backlog_delivery, base_2028q1_opening_backlog_delivery, base_2028q2_opening_backlog_delivery, base_2028q3_opening_backlog_delivery, base_2028q4_opening_backlog_delivery).
Unconverted June backlog stock base_2028q4_opening_backlog_remaining	2028Q4 / base	0.00 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, base_2028q4_backlog_delivered).
Total revenue ($M) base_fy2027_revenue	FY2027 / base	111.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
Infrared components ($M) base_fy2027_infrared	FY2027 / base	36.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_infrared, base_2027q2_infrared, base_2027q3_infrared, base_2027q4_infrared).
Visible components ($M) base_fy2027_visible	FY2027 / base	14.10 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_visible, base_2027q2_visible, base_2027q3_visible, base_2027q4_visible).
Assemblies and modules ($M) base_fy2027_assemblies	FY2027 / base	56.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_assemblies, base_2027q2_assemblies, base_2027q3_assemblies, base_2027q4_assemblies).
Engineering services ($M) base_fy2027_engineering	FY2027 / base	4.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_engineering, base_2027q2_engineering, base_2027q3_engineering, base_2027q4_engineering).
Adjusted EBITDA proxy ($M) base_fy2027_adj_ebitda	FY2027 / base	14.48 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_adj_ebitda, base_2027q2_adj_ebitda, base_2027q3_adj_ebitda, base_2027q4_adj_ebitda).
Operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	3.28 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Operating cash before earnouts ($M) base_fy2027_cash_before_capex	FY2027 / base	5.28 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_before_capex, base_2027q2_cash_before_capex, base_2027q3_cash_before_capex, base_2027q4_cash_before_capex).
Cash PP&E ($M) base_fy2027_capex	FY2027 / base	11.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
Total cash earnout settlement ($M) base_fy2027_earnout_cash	FY2027 / base	6.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_earnout_cash, base_2027q2_earnout_cash, base_2027q3_earnout_cash, base_2027q4_earnout_cash).
Asset-sale principal receipts ($M) base_fy2027_asset_sales	FY2027 / base	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_asset_sales, base_2027q2_asset_sales, base_2027q3_asset_sales, base_2027q4_asset_sales).
Cash after PP&E and earnouts ($M) base_fy2027_cash_after_claims	FY2027 / base	-12.22 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_claims, base_2027q2_cash_after_claims, base_2027q3_cash_after_claims, base_2027q4_cash_after_claims).
Total revenue ($M) base_fy2028_revenue	FY2028 / base	168.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_revenue, base_2028q2_revenue, base_2028q3_revenue, base_2028q4_revenue).
Infrared components ($M) base_fy2028_infrared	FY2028 / base	54.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_infrared, base_2028q2_infrared, base_2028q3_infrared, base_2028q4_infrared).
Visible components ($M) base_fy2028_visible	FY2028 / base	14.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_visible, base_2028q2_visible, base_2028q3_visible, base_2028q4_visible).
Assemblies and modules ($M) base_fy2028_assemblies	FY2028 / base	94.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_assemblies, base_2028q2_assemblies, base_2028q3_assemblies, base_2028q4_assemblies).
Engineering services ($M) base_fy2028_engineering	FY2028 / base	6.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_engineering, base_2028q2_engineering, base_2028q3_engineering, base_2028q4_engineering).
Adjusted EBITDA proxy ($M) base_fy2028_adj_ebitda	FY2028 / base	32.16 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_adj_ebitda, base_2028q2_adj_ebitda, base_2028q3_adj_ebitda, base_2028q4_adj_ebitda).
Operating income proxy ($M) base_fy2028_operating_income	FY2028 / base	17.76 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_operating_income, base_2028q2_operating_income, base_2028q3_operating_income, base_2028q4_operating_income).
Operating cash before earnouts ($M) base_fy2028_cash_before_capex	FY2028 / base	18.48 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cash_before_capex, base_2028q2_cash_before_capex, base_2028q3_cash_before_capex, base_2028q4_cash_before_capex).
Cash PP&E ($M) base_fy2028_capex	FY2028 / base	14.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_capex, base_2028q2_capex, base_2028q3_capex, base_2028q4_capex).
Total cash earnout settlement ($M) base_fy2028_earnout_cash	FY2028 / base	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_earnout_cash, base_2028q2_earnout_cash, base_2028q3_earnout_cash, base_2028q4_earnout_cash).
Asset-sale principal receipts ($M) base_fy2028_asset_sales	FY2028 / base	0.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_asset_sales, base_2028q2_asset_sales, base_2028q3_asset_sales, base_2028q4_asset_sales).
Cash after PP&E and earnouts ($M) base_fy2028_cash_after_claims	FY2028 / base	4.58 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cash_after_claims, base_2028q2_cash_after_claims, base_2028q3_cash_after_claims, base_2028q4_cash_after_claims).
Initial delivered amount upside_backlog_zero	Forecast / upside	0.00 USD_millions	assumption: Arithmetic zero before forecast delivery.
Infrared accepted sales at reference realization upside_2027q1_ir_activity	2027Q1 / upside	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization upside_2027q1_ir_realization	2027Q1 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue upside_2027q1_infrared	2027Q1 / upside	8.50 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(upside_2027q1_ir_activity, upside_2027q1_ir_realization).
Visible revenue before disposal upside_2027q1_visible_gross	2027Q1 / upside	4.20 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction upside_2027q1_visible_divested	2027Q1 / upside	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue upside_2027q1_visible	2027Q1 / upside	3.40 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(upside_2027q1_visible_gross, upside_2027q1_visible_divested).
Assembly/module accepted-sales reference upside_2027q1_assembly_activity	2027Q1 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization upside_2027q1_assembly_realization	2027Q1 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue upside_2027q1_assemblies	2027Q1 / upside	12.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(upside_2027q1_assembly_activity, upside_2027q1_assembly_realization).
Engineering revenue upside_2027q1_engineering	2027Q1 / upside	1.15 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2027q1_revenue	2027Q1 / upside	25.05 USD_millions	derived: Four reported product groups. Formula: sum(upside_2027q1_infrared, upside_2027q1_visible, upside_2027q1_assemblies, upside_2027q1_engineering).
ir pre-D&A margin upside_2027q1_ir_margin	2027Q1 / upside	43.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A upside_2027q1_ir_contribution	2027Q1 / upside	3.66 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2027q1_infrared, upside_2027q1_ir_margin).
visible pre-D&A margin upside_2027q1_visible_margin	2027Q1 / upside	28.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A upside_2027q1_visible_contribution	2027Q1 / upside	0.95 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2027q1_visible, upside_2027q1_visible_margin).
assembly pre-D&A margin upside_2027q1_assembly_margin	2027Q1 / upside	48.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A upside_2027q1_assembly_contribution	2027Q1 / upside	5.76 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2027q1_assemblies, upside_2027q1_assembly_margin).
engineering pre-D&A margin upside_2027q1_engineering_margin	2027Q1 / upside	58.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A upside_2027q1_engineering_contribution	2027Q1 / upside	0.67 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2027q1_engineering, upside_2027q1_engineering_margin).
Total contribution before D&A upside_2027q1_gross_contribution	2027Q1 / upside	11.03 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(upside_2027q1_ir_contribution, upside_2027q1_visible_contribution, upside_2027q1_assembly_contribution, upside_2027q1_engineering_contribution).
Recurring cash SG&A and development upside_2027q1_cash_opex	2027Q1 / upside	7.56 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q1_adj_ebitda	2027Q1 / upside	3.47 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(upside_2027q1_gross_contribution, upside_2027q1_cash_opex).
D&A upside_2027q1_da	2027Q1 / upside	1.40 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2027q1_sbc	2027Q1 / upside	1.10 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense upside_2027q1_earnout_fv	2027Q1 / upside	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark upside_2027q1_gaap_exclusions	2027Q1 / upside	2.50 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(upside_2027q1_da, upside_2027q1_sbc, upside_2027q1_earnout_fv).
Operating income proxy upside_2027q1_operating_income	2027Q1 / upside	0.97 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(upside_2027q1_adj_ebitda, upside_2027q1_gaap_exclusions).
Cash investment interest upside_2027q1_cash_interest_income	2027Q1 / upside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest upside_2027q1_cash_earnings	2027Q1 / upside	4.17 USD_millions	derived: No financing proceeds included. Formula: sum(upside_2027q1_adj_ebitda, upside_2027q1_cash_interest_income).
Inventory receivables and other cash use upside_2027q1_working_cash	2027Q1 / upside	2.52 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes upside_2027q1_cash_tax	2027Q1 / upside	0.15 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest upside_2027q1_cash_interest	2027Q1 / upside	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash upside_2027q1_cash_uses	2027Q1 / upside	2.70 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(upside_2027q1_working_cash, upside_2027q1_cash_tax, upside_2027q1_cash_interest).
Operating cash before acquisition earnouts upside_2027q1_cash_before_capex	2027Q1 / upside	1.47 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(upside_2027q1_cash_earnings, upside_2027q1_cash_uses).
Cash PP&E upside_2027q1_capex	2027Q1 / upside	2.88 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction upside_2027q1_earnout_payment_flag	2027Q1 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement upside_2027q1_earnout_cash	2027Q1 / upside	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, upside_2027q1_earnout_payment_flag).
Assumed installment fraction upside_2027q1_sale_payment_flag	2027Q1 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments upside_2027q1_asset_sales	2027Q1 / upside	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, upside_2027q1_sale_payment_flag).
Operating cash proxy and sale principal upside_2027q1_cash_sources	2027Q1 / upside	1.47 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(upside_2027q1_cash_before_capex, upside_2027q1_asset_sales).
PP&E and earnout cash upside_2027q1_cash_claims	2027Q1 / upside	2.88 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(upside_2027q1_capex, upside_2027q1_earnout_cash).
Cash after PP&E and cash earnouts upside_2027q1_cash_after_claims	2027Q1 / upside	-1.40 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(upside_2027q1_cash_sources, upside_2027q1_cash_claims).
Revenue from June backlog upside_2027q1_opening_backlog_delivery	2027Q1 / upside	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue upside_2027q1_book_ship	2027Q1 / upside	3.05 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(upside_2027q1_revenue, upside_2027q1_opening_backlog_delivery).
Cumulative June backlog recognized upside_2027q1_backlog_delivered	2027Q1 / upside	22.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(upside_backlog_zero, upside_2027q1_opening_backlog_delivery).
Unconverted June backlog stock upside_2027q1_opening_backlog_remaining	2027Q1 / upside	88.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, upside_2027q1_backlog_delivered).
Infrared accepted sales at reference realization upside_2027q2_ir_activity	2027Q2 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization upside_2027q2_ir_realization	2027Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue upside_2027q2_infrared	2027Q2 / upside	10.00 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(upside_2027q2_ir_activity, upside_2027q2_ir_realization).
Visible revenue before disposal upside_2027q2_visible_gross	2027Q2 / upside	4.60 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction upside_2027q2_visible_divested	2027Q2 / upside	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue upside_2027q2_visible	2027Q2 / upside	3.80 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(upside_2027q2_visible_gross, upside_2027q2_visible_divested).
Assembly/module accepted-sales reference upside_2027q2_assembly_activity	2027Q2 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization upside_2027q2_assembly_realization	2027Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue upside_2027q2_assemblies	2027Q2 / upside	15.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(upside_2027q2_assembly_activity, upside_2027q2_assembly_realization).
Engineering revenue upside_2027q2_engineering	2027Q2 / upside	1.26 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2027q2_revenue	2027Q2 / upside	30.07 USD_millions	derived: Four reported product groups. Formula: sum(upside_2027q2_infrared, upside_2027q2_visible, upside_2027q2_assemblies, upside_2027q2_engineering).
ir pre-D&A margin upside_2027q2_ir_margin	2027Q2 / upside	43.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A upside_2027q2_ir_contribution	2027Q2 / upside	4.30 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2027q2_infrared, upside_2027q2_ir_margin).
visible pre-D&A margin upside_2027q2_visible_margin	2027Q2 / upside	28.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A upside_2027q2_visible_contribution	2027Q2 / upside	1.06 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2027q2_visible, upside_2027q2_visible_margin).
assembly pre-D&A margin upside_2027q2_assembly_margin	2027Q2 / upside	48.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A upside_2027q2_assembly_contribution	2027Q2 / upside	7.20 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2027q2_assemblies, upside_2027q2_assembly_margin).
engineering pre-D&A margin upside_2027q2_engineering_margin	2027Q2 / upside	58.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A upside_2027q2_engineering_contribution	2027Q2 / upside	0.73 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2027q2_engineering, upside_2027q2_engineering_margin).
Total contribution before D&A upside_2027q2_gross_contribution	2027Q2 / upside	13.30 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(upside_2027q2_ir_contribution, upside_2027q2_visible_contribution, upside_2027q2_assembly_contribution, upside_2027q2_engineering_contribution).
Recurring cash SG&A and development upside_2027q2_cash_opex	2027Q2 / upside	8.03 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q2_adj_ebitda	2027Q2 / upside	5.27 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(upside_2027q2_gross_contribution, upside_2027q2_cash_opex).
D&A upside_2027q2_da	2027Q2 / upside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2027q2_sbc	2027Q2 / upside	1.20 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense upside_2027q2_earnout_fv	2027Q2 / upside	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark upside_2027q2_gaap_exclusions	2027Q2 / upside	2.70 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(upside_2027q2_da, upside_2027q2_sbc, upside_2027q2_earnout_fv).
Operating income proxy upside_2027q2_operating_income	2027Q2 / upside	2.57 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(upside_2027q2_adj_ebitda, upside_2027q2_gaap_exclusions).
Cash investment interest upside_2027q2_cash_interest_income	2027Q2 / upside	0.67 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest upside_2027q2_cash_earnings	2027Q2 / upside	5.94 USD_millions	derived: No financing proceeds included. Formula: sum(upside_2027q2_adj_ebitda, upside_2027q2_cash_interest_income).
Inventory receivables and other cash use upside_2027q2_working_cash	2027Q2 / upside	2.73 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes upside_2027q2_cash_tax	2027Q2 / upside	0.20 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest upside_2027q2_cash_interest	2027Q2 / upside	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash upside_2027q2_cash_uses	2027Q2 / upside	2.96 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(upside_2027q2_working_cash, upside_2027q2_cash_tax, upside_2027q2_cash_interest).
Operating cash before acquisition earnouts upside_2027q2_cash_before_capex	2027Q2 / upside	2.98 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(upside_2027q2_cash_earnings, upside_2027q2_cash_uses).
Cash PP&E upside_2027q2_capex	2027Q2 / upside	3.10 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction upside_2027q2_earnout_payment_flag	2027Q2 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement upside_2027q2_earnout_cash	2027Q2 / upside	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, upside_2027q2_earnout_payment_flag).
Assumed installment fraction upside_2027q2_sale_payment_flag	2027Q2 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments upside_2027q2_asset_sales	2027Q2 / upside	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, upside_2027q2_sale_payment_flag).
Operating cash proxy and sale principal upside_2027q2_cash_sources	2027Q2 / upside	2.98 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(upside_2027q2_cash_before_capex, upside_2027q2_asset_sales).
PP&E and earnout cash upside_2027q2_cash_claims	2027Q2 / upside	3.10 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(upside_2027q2_capex, upside_2027q2_earnout_cash).
Cash after PP&E and cash earnouts upside_2027q2_cash_after_claims	2027Q2 / upside	-0.13 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(upside_2027q2_cash_sources, upside_2027q2_cash_claims).
Revenue from June backlog upside_2027q2_opening_backlog_delivery	2027Q2 / upside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue upside_2027q2_book_ship	2027Q2 / upside	5.07 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(upside_2027q2_revenue, upside_2027q2_opening_backlog_delivery).
Cumulative June backlog recognized upside_2027q2_backlog_delivered	2027Q2 / upside	47.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(upside_backlog_zero, upside_2027q1_opening_backlog_delivery, upside_2027q2_opening_backlog_delivery).
Unconverted June backlog stock upside_2027q2_opening_backlog_remaining	2027Q2 / upside	63.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, upside_2027q2_backlog_delivered).
Infrared accepted sales at reference realization upside_2027q3_ir_activity	2027Q3 / upside	11.50 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization upside_2027q3_ir_realization	2027Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue upside_2027q3_infrared	2027Q3 / upside	11.50 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(upside_2027q3_ir_activity, upside_2027q3_ir_realization).
Visible revenue before disposal upside_2027q3_visible_gross	2027Q3 / upside	4.80 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction upside_2027q3_visible_divested	2027Q3 / upside	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue upside_2027q3_visible	2027Q3 / upside	4.00 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(upside_2027q3_visible_gross, upside_2027q3_visible_divested).
Assembly/module accepted-sales reference upside_2027q3_assembly_activity	2027Q3 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization upside_2027q3_assembly_realization	2027Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue upside_2027q3_assemblies	2027Q3 / upside	18.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(upside_2027q3_assembly_activity, upside_2027q3_assembly_realization).
Engineering revenue upside_2027q3_engineering	2027Q3 / upside	1.38 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2027q3_revenue	2027Q3 / upside	34.88 USD_millions	derived: Four reported product groups. Formula: sum(upside_2027q3_infrared, upside_2027q3_visible, upside_2027q3_assemblies, upside_2027q3_engineering).
ir pre-D&A margin upside_2027q3_ir_margin	2027Q3 / upside	43.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A upside_2027q3_ir_contribution	2027Q3 / upside	4.95 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2027q3_infrared, upside_2027q3_ir_margin).
visible pre-D&A margin upside_2027q3_visible_margin	2027Q3 / upside	28.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A upside_2027q3_visible_contribution	2027Q3 / upside	1.12 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2027q3_visible, upside_2027q3_visible_margin).
assembly pre-D&A margin upside_2027q3_assembly_margin	2027Q3 / upside	48.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A upside_2027q3_assembly_contribution	2027Q3 / upside	8.64 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2027q3_assemblies, upside_2027q3_assembly_margin).
engineering pre-D&A margin upside_2027q3_engineering_margin	2027Q3 / upside	58.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A upside_2027q3_engineering_contribution	2027Q3 / upside	0.80 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2027q3_engineering, upside_2027q3_engineering_margin).
Total contribution before D&A upside_2027q3_gross_contribution	2027Q3 / upside	15.51 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(upside_2027q3_ir_contribution, upside_2027q3_visible_contribution, upside_2027q3_assembly_contribution, upside_2027q3_engineering_contribution).
Recurring cash SG&A and development upside_2027q3_cash_opex	2027Q3 / upside	8.51 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q3_adj_ebitda	2027Q3 / upside	7.00 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(upside_2027q3_gross_contribution, upside_2027q3_cash_opex).
D&A upside_2027q3_da	2027Q3 / upside	1.60 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2027q3_sbc	2027Q3 / upside	1.30 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense upside_2027q3_earnout_fv	2027Q3 / upside	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark upside_2027q3_gaap_exclusions	2027Q3 / upside	2.90 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(upside_2027q3_da, upside_2027q3_sbc, upside_2027q3_earnout_fv).
Operating income proxy upside_2027q3_operating_income	2027Q3 / upside	4.10 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(upside_2027q3_adj_ebitda, upside_2027q3_gaap_exclusions).
Cash investment interest upside_2027q3_cash_interest_income	2027Q3 / upside	0.64 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest upside_2027q3_cash_earnings	2027Q3 / upside	7.64 USD_millions	derived: No financing proceeds included. Formula: sum(upside_2027q3_adj_ebitda, upside_2027q3_cash_interest_income).
Inventory receivables and other cash use upside_2027q3_working_cash	2027Q3 / upside	2.94 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes upside_2027q3_cash_tax	2027Q3 / upside	0.25 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest upside_2027q3_cash_interest	2027Q3 / upside	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash upside_2027q3_cash_uses	2027Q3 / upside	3.22 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(upside_2027q3_working_cash, upside_2027q3_cash_tax, upside_2027q3_cash_interest).
Operating cash before acquisition earnouts upside_2027q3_cash_before_capex	2027Q3 / upside	4.42 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(upside_2027q3_cash_earnings, upside_2027q3_cash_uses).
Cash PP&E upside_2027q3_capex	2027Q3 / upside	3.33 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction upside_2027q3_earnout_payment_flag	2027Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement upside_2027q3_earnout_cash	2027Q3 / upside	6.30 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, upside_2027q3_earnout_payment_flag).
Assumed installment fraction upside_2027q3_sale_payment_flag	2027Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments upside_2027q3_asset_sales	2027Q3 / upside	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, upside_2027q3_sale_payment_flag).
Operating cash proxy and sale principal upside_2027q3_cash_sources	2027Q3 / upside	4.42 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(upside_2027q3_cash_before_capex, upside_2027q3_asset_sales).
PP&E and earnout cash upside_2027q3_cash_claims	2027Q3 / upside	9.63 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(upside_2027q3_capex, upside_2027q3_earnout_cash).
Cash after PP&E and cash earnouts upside_2027q3_cash_after_claims	2027Q3 / upside	-5.21 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(upside_2027q3_cash_sources, upside_2027q3_cash_claims).
Revenue from June backlog upside_2027q3_opening_backlog_delivery	2027Q3 / upside	26.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue upside_2027q3_book_ship	2027Q3 / upside	8.88 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(upside_2027q3_revenue, upside_2027q3_opening_backlog_delivery).
Cumulative June backlog recognized upside_2027q3_backlog_delivered	2027Q3 / upside	73.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(upside_backlog_zero, upside_2027q1_opening_backlog_delivery, upside_2027q2_opening_backlog_delivery, upside_2027q3_opening_backlog_delivery).
Unconverted June backlog stock upside_2027q3_opening_backlog_remaining	2027Q3 / upside	37.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, upside_2027q3_backlog_delivered).
Infrared accepted sales at reference realization upside_2027q4_ir_activity	2027Q4 / upside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization upside_2027q4_ir_realization	2027Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue upside_2027q4_infrared	2027Q4 / upside	13.00 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(upside_2027q4_ir_activity, upside_2027q4_ir_realization).
Visible revenue before disposal upside_2027q4_visible_gross	2027Q4 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction upside_2027q4_visible_divested	2027Q4 / upside	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue upside_2027q4_visible	2027Q4 / upside	4.20 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(upside_2027q4_visible_gross, upside_2027q4_visible_divested).
Assembly/module accepted-sales reference upside_2027q4_assembly_activity	2027Q4 / upside	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization upside_2027q4_assembly_realization	2027Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue upside_2027q4_assemblies	2027Q4 / upside	22.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(upside_2027q4_assembly_activity, upside_2027q4_assembly_realization).
Engineering revenue upside_2027q4_engineering	2027Q4 / upside	1.49 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2027q4_revenue	2027Q4 / upside	40.70 USD_millions	derived: Four reported product groups. Formula: sum(upside_2027q4_infrared, upside_2027q4_visible, upside_2027q4_assemblies, upside_2027q4_engineering).
ir pre-D&A margin upside_2027q4_ir_margin	2027Q4 / upside	43.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A upside_2027q4_ir_contribution	2027Q4 / upside	5.59 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2027q4_infrared, upside_2027q4_ir_margin).
visible pre-D&A margin upside_2027q4_visible_margin	2027Q4 / upside	28.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A upside_2027q4_visible_contribution	2027Q4 / upside	1.18 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2027q4_visible, upside_2027q4_visible_margin).
assembly pre-D&A margin upside_2027q4_assembly_margin	2027Q4 / upside	48.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A upside_2027q4_assembly_contribution	2027Q4 / upside	10.56 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2027q4_assemblies, upside_2027q4_assembly_margin).
engineering pre-D&A margin upside_2027q4_engineering_margin	2027Q4 / upside	58.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A upside_2027q4_engineering_contribution	2027Q4 / upside	0.87 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2027q4_engineering, upside_2027q4_engineering_margin).
Total contribution before D&A upside_2027q4_gross_contribution	2027Q4 / upside	18.19 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(upside_2027q4_ir_contribution, upside_2027q4_visible_contribution, upside_2027q4_assembly_contribution, upside_2027q4_engineering_contribution).
Recurring cash SG&A and development upside_2027q4_cash_opex	2027Q4 / upside	8.98 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q4_adj_ebitda	2027Q4 / upside	9.22 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(upside_2027q4_gross_contribution, upside_2027q4_cash_opex).
D&A upside_2027q4_da	2027Q4 / upside	1.70 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2027q4_sbc	2027Q4 / upside	1.40 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense upside_2027q4_earnout_fv	2027Q4 / upside	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark upside_2027q4_gaap_exclusions	2027Q4 / upside	3.10 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(upside_2027q4_da, upside_2027q4_sbc, upside_2027q4_earnout_fv).
Operating income proxy upside_2027q4_operating_income	2027Q4 / upside	6.12 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(upside_2027q4_adj_ebitda, upside_2027q4_gaap_exclusions).
Cash investment interest upside_2027q4_cash_interest_income	2027Q4 / upside	0.61 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest upside_2027q4_cash_earnings	2027Q4 / upside	9.83 USD_millions	derived: No financing proceeds included. Formula: sum(upside_2027q4_adj_ebitda, upside_2027q4_cash_interest_income).
Inventory receivables and other cash use upside_2027q4_working_cash	2027Q4 / upside	3.15 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes upside_2027q4_cash_tax	2027Q4 / upside	0.30 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest upside_2027q4_cash_interest	2027Q4 / upside	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash upside_2027q4_cash_uses	2027Q4 / upside	3.48 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(upside_2027q4_working_cash, upside_2027q4_cash_tax, upside_2027q4_cash_interest).
Operating cash before acquisition earnouts upside_2027q4_cash_before_capex	2027Q4 / upside	6.35 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(upside_2027q4_cash_earnings, upside_2027q4_cash_uses).
Cash PP&E upside_2027q4_capex	2027Q4 / upside	3.56 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction upside_2027q4_earnout_payment_flag	2027Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement upside_2027q4_earnout_cash	2027Q4 / upside	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, upside_2027q4_earnout_payment_flag).
Assumed installment fraction upside_2027q4_sale_payment_flag	2027Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments upside_2027q4_asset_sales	2027Q4 / upside	0.50 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, upside_2027q4_sale_payment_flag).
Operating cash proxy and sale principal upside_2027q4_cash_sources	2027Q4 / upside	6.85 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(upside_2027q4_cash_before_capex, upside_2027q4_asset_sales).
PP&E and earnout cash upside_2027q4_cash_claims	2027Q4 / upside	3.56 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(upside_2027q4_capex, upside_2027q4_earnout_cash).
Cash after PP&E and cash earnouts upside_2027q4_cash_after_claims	2027Q4 / upside	3.28 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(upside_2027q4_cash_sources, upside_2027q4_cash_claims).
Revenue from June backlog upside_2027q4_opening_backlog_delivery	2027Q4 / upside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue upside_2027q4_book_ship	2027Q4 / upside	12.70 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(upside_2027q4_revenue, upside_2027q4_opening_backlog_delivery).
Cumulative June backlog recognized upside_2027q4_backlog_delivered	2027Q4 / upside	101.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(upside_backlog_zero, upside_2027q1_opening_backlog_delivery, upside_2027q2_opening_backlog_delivery, upside_2027q3_opening_backlog_delivery, upside_2027q4_opening_backlog_delivery).
Unconverted June backlog stock upside_2027q4_opening_backlog_remaining	2027Q4 / upside	9.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, upside_2027q4_backlog_delivered).
Infrared accepted sales at reference realization upside_2028q1_ir_activity	2028Q1 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization upside_2028q1_ir_realization	2028Q1 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue upside_2028q1_infrared	2028Q1 / upside	15.00 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(upside_2028q1_ir_activity, upside_2028q1_ir_realization).
Visible revenue before disposal upside_2028q1_visible_gross	2028Q1 / upside	5.20 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction upside_2028q1_visible_divested	2028Q1 / upside	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue upside_2028q1_visible	2028Q1 / upside	4.40 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(upside_2028q1_visible_gross, upside_2028q1_visible_divested).
Assembly/module accepted-sales reference upside_2028q1_assembly_activity	2028Q1 / upside	26.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization upside_2028q1_assembly_realization	2028Q1 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue upside_2028q1_assemblies	2028Q1 / upside	26.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(upside_2028q1_assembly_activity, upside_2028q1_assembly_realization).
Engineering revenue upside_2028q1_engineering	2028Q1 / upside	1.61 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2028q1_revenue	2028Q1 / upside	47.01 USD_millions	derived: Four reported product groups. Formula: sum(upside_2028q1_infrared, upside_2028q1_visible, upside_2028q1_assemblies, upside_2028q1_engineering).
ir pre-D&A margin upside_2028q1_ir_margin	2028Q1 / upside	43.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A upside_2028q1_ir_contribution	2028Q1 / upside	6.45 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2028q1_infrared, upside_2028q1_ir_margin).
visible pre-D&A margin upside_2028q1_visible_margin	2028Q1 / upside	28.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A upside_2028q1_visible_contribution	2028Q1 / upside	1.23 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2028q1_visible, upside_2028q1_visible_margin).
assembly pre-D&A margin upside_2028q1_assembly_margin	2028Q1 / upside	48.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A upside_2028q1_assembly_contribution	2028Q1 / upside	12.48 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2028q1_assemblies, upside_2028q1_assembly_margin).
engineering pre-D&A margin upside_2028q1_engineering_margin	2028Q1 / upside	58.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A upside_2028q1_engineering_contribution	2028Q1 / upside	0.93 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2028q1_engineering, upside_2028q1_engineering_margin).
Total contribution before D&A upside_2028q1_gross_contribution	2028Q1 / upside	21.10 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(upside_2028q1_ir_contribution, upside_2028q1_visible_contribution, upside_2028q1_assembly_contribution, upside_2028q1_engineering_contribution).
Recurring cash SG&A and development upside_2028q1_cash_opex	2028Q1 / upside	9.45 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2028q1_adj_ebitda	2028Q1 / upside	11.65 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(upside_2028q1_gross_contribution, upside_2028q1_cash_opex).
D&A upside_2028q1_da	2028Q1 / upside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2028q1_sbc	2028Q1 / upside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense upside_2028q1_earnout_fv	2028Q1 / upside	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark upside_2028q1_gaap_exclusions	2028Q1 / upside	3.30 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(upside_2028q1_da, upside_2028q1_sbc, upside_2028q1_earnout_fv).
Operating income proxy upside_2028q1_operating_income	2028Q1 / upside	8.35 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(upside_2028q1_adj_ebitda, upside_2028q1_gaap_exclusions).
Cash investment interest upside_2028q1_cash_interest_income	2028Q1 / upside	0.58 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest upside_2028q1_cash_earnings	2028Q1 / upside	12.23 USD_millions	derived: No financing proceeds included. Formula: sum(upside_2028q1_adj_ebitda, upside_2028q1_cash_interest_income).
Inventory receivables and other cash use upside_2028q1_working_cash	2028Q1 / upside	3.36 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes upside_2028q1_cash_tax	2028Q1 / upside	0.35 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest upside_2028q1_cash_interest	2028Q1 / upside	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash upside_2028q1_cash_uses	2028Q1 / upside	3.74 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(upside_2028q1_working_cash, upside_2028q1_cash_tax, upside_2028q1_cash_interest).
Operating cash before acquisition earnouts upside_2028q1_cash_before_capex	2028Q1 / upside	8.49 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(upside_2028q1_cash_earnings, upside_2028q1_cash_uses).
Cash PP&E upside_2028q1_capex	2028Q1 / upside	3.79 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction upside_2028q1_earnout_payment_flag	2028Q1 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement upside_2028q1_earnout_cash	2028Q1 / upside	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, upside_2028q1_earnout_payment_flag).
Assumed installment fraction upside_2028q1_sale_payment_flag	2028Q1 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments upside_2028q1_asset_sales	2028Q1 / upside	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, upside_2028q1_sale_payment_flag).
Operating cash proxy and sale principal upside_2028q1_cash_sources	2028Q1 / upside	8.49 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(upside_2028q1_cash_before_capex, upside_2028q1_asset_sales).
PP&E and earnout cash upside_2028q1_cash_claims	2028Q1 / upside	3.79 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(upside_2028q1_capex, upside_2028q1_earnout_cash).
Cash after PP&E and cash earnouts upside_2028q1_cash_after_claims	2028Q1 / upside	4.69 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(upside_2028q1_cash_sources, upside_2028q1_cash_claims).
Revenue from June backlog upside_2028q1_opening_backlog_delivery	2028Q1 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue upside_2028q1_book_ship	2028Q1 / upside	45.01 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(upside_2028q1_revenue, upside_2028q1_opening_backlog_delivery).
Cumulative June backlog recognized upside_2028q1_backlog_delivered	2028Q1 / upside	103.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(upside_backlog_zero, upside_2027q1_opening_backlog_delivery, upside_2027q2_opening_backlog_delivery, upside_2027q3_opening_backlog_delivery, upside_2027q4_opening_backlog_delivery, upside_2028q1_opening_backlog_delivery).
Unconverted June backlog stock upside_2028q1_opening_backlog_remaining	2028Q1 / upside	7.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, upside_2028q1_backlog_delivered).
Infrared accepted sales at reference realization upside_2028q2_ir_activity	2028Q2 / upside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization upside_2028q2_ir_realization	2028Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue upside_2028q2_infrared	2028Q2 / upside	17.00 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(upside_2028q2_ir_activity, upside_2028q2_ir_realization).
Visible revenue before disposal upside_2028q2_visible_gross	2028Q2 / upside	5.40 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction upside_2028q2_visible_divested	2028Q2 / upside	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue upside_2028q2_visible	2028Q2 / upside	4.60 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(upside_2028q2_visible_gross, upside_2028q2_visible_divested).
Assembly/module accepted-sales reference upside_2028q2_assembly_activity	2028Q2 / upside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization upside_2028q2_assembly_realization	2028Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue upside_2028q2_assemblies	2028Q2 / upside	30.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(upside_2028q2_assembly_activity, upside_2028q2_assembly_realization).
Engineering revenue upside_2028q2_engineering	2028Q2 / upside	1.72 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2028q2_revenue	2028Q2 / upside	53.33 USD_millions	derived: Four reported product groups. Formula: sum(upside_2028q2_infrared, upside_2028q2_visible, upside_2028q2_assemblies, upside_2028q2_engineering).
ir pre-D&A margin upside_2028q2_ir_margin	2028Q2 / upside	43.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A upside_2028q2_ir_contribution	2028Q2 / upside	7.31 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2028q2_infrared, upside_2028q2_ir_margin).
visible pre-D&A margin upside_2028q2_visible_margin	2028Q2 / upside	28.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A upside_2028q2_visible_contribution	2028Q2 / upside	1.29 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2028q2_visible, upside_2028q2_visible_margin).
assembly pre-D&A margin upside_2028q2_assembly_margin	2028Q2 / upside	48.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A upside_2028q2_assembly_contribution	2028Q2 / upside	14.40 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2028q2_assemblies, upside_2028q2_assembly_margin).
engineering pre-D&A margin upside_2028q2_engineering_margin	2028Q2 / upside	58.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A upside_2028q2_engineering_contribution	2028Q2 / upside	1.00 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2028q2_engineering, upside_2028q2_engineering_margin).
Total contribution before D&A upside_2028q2_gross_contribution	2028Q2 / upside	24.00 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(upside_2028q2_ir_contribution, upside_2028q2_visible_contribution, upside_2028q2_assembly_contribution, upside_2028q2_engineering_contribution).
Recurring cash SG&A and development upside_2028q2_cash_opex	2028Q2 / upside	9.92 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2028q2_adj_ebitda	2028Q2 / upside	14.08 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(upside_2028q2_gross_contribution, upside_2028q2_cash_opex).
D&A upside_2028q2_da	2028Q2 / upside	1.90 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2028q2_sbc	2028Q2 / upside	1.60 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense upside_2028q2_earnout_fv	2028Q2 / upside	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark upside_2028q2_gaap_exclusions	2028Q2 / upside	3.50 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(upside_2028q2_da, upside_2028q2_sbc, upside_2028q2_earnout_fv).
Operating income proxy upside_2028q2_operating_income	2028Q2 / upside	10.58 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(upside_2028q2_adj_ebitda, upside_2028q2_gaap_exclusions).
Cash investment interest upside_2028q2_cash_interest_income	2028Q2 / upside	0.55 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest upside_2028q2_cash_earnings	2028Q2 / upside	14.63 USD_millions	derived: No financing proceeds included. Formula: sum(upside_2028q2_adj_ebitda, upside_2028q2_cash_interest_income).
Inventory receivables and other cash use upside_2028q2_working_cash	2028Q2 / upside	3.57 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes upside_2028q2_cash_tax	2028Q2 / upside	0.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest upside_2028q2_cash_interest	2028Q2 / upside	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash upside_2028q2_cash_uses	2028Q2 / upside	4.00 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(upside_2028q2_working_cash, upside_2028q2_cash_tax, upside_2028q2_cash_interest).
Operating cash before acquisition earnouts upside_2028q2_cash_before_capex	2028Q2 / upside	10.63 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(upside_2028q2_cash_earnings, upside_2028q2_cash_uses).
Cash PP&E upside_2028q2_capex	2028Q2 / upside	4.02 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction upside_2028q2_earnout_payment_flag	2028Q2 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement upside_2028q2_earnout_cash	2028Q2 / upside	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, upside_2028q2_earnout_payment_flag).
Assumed installment fraction upside_2028q2_sale_payment_flag	2028Q2 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments upside_2028q2_asset_sales	2028Q2 / upside	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, upside_2028q2_sale_payment_flag).
Operating cash proxy and sale principal upside_2028q2_cash_sources	2028Q2 / upside	10.63 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(upside_2028q2_cash_before_capex, upside_2028q2_asset_sales).
PP&E and earnout cash upside_2028q2_cash_claims	2028Q2 / upside	4.02 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(upside_2028q2_capex, upside_2028q2_earnout_cash).
Cash after PP&E and cash earnouts upside_2028q2_cash_after_claims	2028Q2 / upside	6.60 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(upside_2028q2_cash_sources, upside_2028q2_cash_claims).
Revenue from June backlog upside_2028q2_opening_backlog_delivery	2028Q2 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue upside_2028q2_book_ship	2028Q2 / upside	51.33 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(upside_2028q2_revenue, upside_2028q2_opening_backlog_delivery).
Cumulative June backlog recognized upside_2028q2_backlog_delivered	2028Q2 / upside	105.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(upside_backlog_zero, upside_2027q1_opening_backlog_delivery, upside_2027q2_opening_backlog_delivery, upside_2027q3_opening_backlog_delivery, upside_2027q4_opening_backlog_delivery, upside_2028q1_opening_backlog_delivery, upside_2028q2_opening_backlog_delivery).
Unconverted June backlog stock upside_2028q2_opening_backlog_remaining	2028Q2 / upside	5.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, upside_2028q2_backlog_delivered).
Infrared accepted sales at reference realization upside_2028q3_ir_activity	2028Q3 / upside	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization upside_2028q3_ir_realization	2028Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue upside_2028q3_infrared	2028Q3 / upside	19.00 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(upside_2028q3_ir_activity, upside_2028q3_ir_realization).
Visible revenue before disposal upside_2028q3_visible_gross	2028Q3 / upside	5.60 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction upside_2028q3_visible_divested	2028Q3 / upside	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue upside_2028q3_visible	2028Q3 / upside	4.80 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(upside_2028q3_visible_gross, upside_2028q3_visible_divested).
Assembly/module accepted-sales reference upside_2028q3_assembly_activity	2028Q3 / upside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization upside_2028q3_assembly_realization	2028Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue upside_2028q3_assemblies	2028Q3 / upside	35.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(upside_2028q3_assembly_activity, upside_2028q3_assembly_realization).
Engineering revenue upside_2028q3_engineering	2028Q3 / upside	1.84 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2028q3_revenue	2028Q3 / upside	60.64 USD_millions	derived: Four reported product groups. Formula: sum(upside_2028q3_infrared, upside_2028q3_visible, upside_2028q3_assemblies, upside_2028q3_engineering).
ir pre-D&A margin upside_2028q3_ir_margin	2028Q3 / upside	43.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A upside_2028q3_ir_contribution	2028Q3 / upside	8.17 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2028q3_infrared, upside_2028q3_ir_margin).
visible pre-D&A margin upside_2028q3_visible_margin	2028Q3 / upside	28.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A upside_2028q3_visible_contribution	2028Q3 / upside	1.34 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2028q3_visible, upside_2028q3_visible_margin).
assembly pre-D&A margin upside_2028q3_assembly_margin	2028Q3 / upside	48.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A upside_2028q3_assembly_contribution	2028Q3 / upside	16.80 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2028q3_assemblies, upside_2028q3_assembly_margin).
engineering pre-D&A margin upside_2028q3_engineering_margin	2028Q3 / upside	58.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A upside_2028q3_engineering_contribution	2028Q3 / upside	1.07 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2028q3_engineering, upside_2028q3_engineering_margin).
Total contribution before D&A upside_2028q3_gross_contribution	2028Q3 / upside	27.38 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(upside_2028q3_ir_contribution, upside_2028q3_visible_contribution, upside_2028q3_assembly_contribution, upside_2028q3_engineering_contribution).
Recurring cash SG&A and development upside_2028q3_cash_opex	2028Q3 / upside	10.40 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2028q3_adj_ebitda	2028Q3 / upside	16.99 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(upside_2028q3_gross_contribution, upside_2028q3_cash_opex).
D&A upside_2028q3_da	2028Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2028q3_sbc	2028Q3 / upside	1.70 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense upside_2028q3_earnout_fv	2028Q3 / upside	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark upside_2028q3_gaap_exclusions	2028Q3 / upside	3.70 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(upside_2028q3_da, upside_2028q3_sbc, upside_2028q3_earnout_fv).
Operating income proxy upside_2028q3_operating_income	2028Q3 / upside	13.29 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(upside_2028q3_adj_ebitda, upside_2028q3_gaap_exclusions).
Cash investment interest upside_2028q3_cash_interest_income	2028Q3 / upside	0.52 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest upside_2028q3_cash_earnings	2028Q3 / upside	17.51 USD_millions	derived: No financing proceeds included. Formula: sum(upside_2028q3_adj_ebitda, upside_2028q3_cash_interest_income).
Inventory receivables and other cash use upside_2028q3_working_cash	2028Q3 / upside	3.78 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes upside_2028q3_cash_tax	2028Q3 / upside	0.45 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest upside_2028q3_cash_interest	2028Q3 / upside	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash upside_2028q3_cash_uses	2028Q3 / upside	4.26 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(upside_2028q3_working_cash, upside_2028q3_cash_tax, upside_2028q3_cash_interest).
Operating cash before acquisition earnouts upside_2028q3_cash_before_capex	2028Q3 / upside	13.25 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(upside_2028q3_cash_earnings, upside_2028q3_cash_uses).
Cash PP&E upside_2028q3_capex	2028Q3 / upside	4.25 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction upside_2028q3_earnout_payment_flag	2028Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement upside_2028q3_earnout_cash	2028Q3 / upside	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, upside_2028q3_earnout_payment_flag).
Assumed installment fraction upside_2028q3_sale_payment_flag	2028Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments upside_2028q3_asset_sales	2028Q3 / upside	0.00 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, upside_2028q3_sale_payment_flag).
Operating cash proxy and sale principal upside_2028q3_cash_sources	2028Q3 / upside	13.25 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(upside_2028q3_cash_before_capex, upside_2028q3_asset_sales).
PP&E and earnout cash upside_2028q3_cash_claims	2028Q3 / upside	4.25 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(upside_2028q3_capex, upside_2028q3_earnout_cash).
Cash after PP&E and cash earnouts upside_2028q3_cash_after_claims	2028Q3 / upside	8.99 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(upside_2028q3_cash_sources, upside_2028q3_cash_claims).
Revenue from June backlog upside_2028q3_opening_backlog_delivery	2028Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue upside_2028q3_book_ship	2028Q3 / upside	58.64 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(upside_2028q3_revenue, upside_2028q3_opening_backlog_delivery).
Cumulative June backlog recognized upside_2028q3_backlog_delivered	2028Q3 / upside	107.00 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(upside_backlog_zero, upside_2027q1_opening_backlog_delivery, upside_2027q2_opening_backlog_delivery, upside_2027q3_opening_backlog_delivery, upside_2027q4_opening_backlog_delivery, upside_2028q1_opening_backlog_delivery, upside_2028q2_opening_backlog_delivery, upside_2028q3_opening_backlog_delivery).
Unconverted June backlog stock upside_2028q3_opening_backlog_remaining	2028Q3 / upside	3.90 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, upside_2028q3_backlog_delivered).
Infrared accepted sales at reference realization upside_2028q4_ir_activity	2028Q4 / upside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Infrared price/mix realization upside_2028q4_ir_realization	2028Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Infrared components revenue upside_2028q4_infrared	2028Q4 / upside	21.00 USD_millions	derived: Includes acquired glass and qualified design-in sales, not blanket organic growth. Formula: multiply(upside_2028q4_ir_activity, upside_2028q4_ir_realization).
Visible revenue before disposal upside_2028q4_visible_gross	2028Q4 / upside	5.80 USD_millions	assumption: Desk assumption; not company guidance.
Divested operations revenue reduction upside_2028q4_visible_divested	2028Q4 / upside	0.80 USD_millions	assumption: Desk revenue-perimeter estimate after assumed disposal; not disclosed sold-business revenue.
Visible components revenue upside_2028q4_visible	2028Q4 / upside	5.00 USD_millions	derived: No assumption that the entire visible product group is sold. Formula: subtract(upside_2028q4_visible_gross, upside_2028q4_visible_divested).
Assembly/module accepted-sales reference upside_2028q4_assembly_activity	2028Q4 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Assembly/module realization upside_2028q4_assembly_realization	2028Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Assemblies and modules revenue upside_2028q4_assemblies	2028Q4 / upside	40.00 USD_millions	derived: Includes G5 mixed camera and module operations. Formula: multiply(upside_2028q4_assembly_activity, upside_2028q4_assembly_realization).
Engineering revenue upside_2028q4_engineering	2028Q4 / upside	1.96 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2028q4_revenue	2028Q4 / upside	67.95 USD_millions	derived: Four reported product groups. Formula: sum(upside_2028q4_infrared, upside_2028q4_visible, upside_2028q4_assemblies, upside_2028q4_engineering).
ir pre-D&A margin upside_2028q4_ir_margin	2028Q4 / upside	43.0% ratio	assumption: Desk assumption; not company guidance.
ir gross contribution before D&A upside_2028q4_ir_contribution	2028Q4 / upside	9.03 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2028q4_infrared, upside_2028q4_ir_margin).
visible pre-D&A margin upside_2028q4_visible_margin	2028Q4 / upside	28.0% ratio	assumption: Desk assumption; not company guidance.
visible gross contribution before D&A upside_2028q4_visible_contribution	2028Q4 / upside	1.40 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2028q4_visible, upside_2028q4_visible_margin).
assembly pre-D&A margin upside_2028q4_assembly_margin	2028Q4 / upside	48.0% ratio	assumption: Desk assumption; not company guidance.
assembly gross contribution before D&A upside_2028q4_assembly_contribution	2028Q4 / upside	19.20 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2028q4_assemblies, upside_2028q4_assembly_margin).
engineering pre-D&A margin upside_2028q4_engineering_margin	2028Q4 / upside	58.0% ratio	assumption: Desk assumption; not company guidance.
engineering gross contribution before D&A upside_2028q4_engineering_contribution	2028Q4 / upside	1.13 USD_millions	derived: Desk contribution margin, not disclosed segment profit. Formula: multiply(upside_2028q4_engineering, upside_2028q4_engineering_margin).
Total contribution before D&A upside_2028q4_gross_contribution	2028Q4 / upside	30.76 USD_millions	derived: D&A removed from product costs for analytical bridge. Formula: sum(upside_2028q4_ir_contribution, upside_2028q4_visible_contribution, upside_2028q4_assembly_contribution, upside_2028q4_engineering_contribution).
Recurring cash SG&A and development upside_2028q4_cash_opex	2028Q4 / upside	10.87 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2028q4_adj_ebitda	2028Q4 / upside	19.90 USD_millions	derived: No annualized acquisition fair-value expense. Formula: subtract(upside_2028q4_gross_contribution, upside_2028q4_cash_opex).
D&A upside_2028q4_da	2028Q4 / upside	2.10 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2028q4_sbc	2028Q4 / upside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
Noncash earnout fair-value expense upside_2028q4_earnout_fv	2028Q4 / upside	0.00 USD_millions	assumption: Zero further G5 remeasurement after fixed settlement assumed; other earnout valuation can still change.
D&A SBC and earnout mark upside_2028q4_gaap_exclusions	2028Q4 / upside	3.90 USD_millions	derived: Cash earnout settlement is separate from expense remeasurement. Formula: sum(upside_2028q4_da, upside_2028q4_sbc, upside_2028q4_earnout_fv).
Operating income proxy upside_2028q4_operating_income	2028Q4 / upside	16.00 USD_millions	derived: Stock-paid earnout still changes ownership; it is not cash expense here. Formula: subtract(upside_2028q4_adj_ebitda, upside_2028q4_gaap_exclusions).
Cash investment interest upside_2028q4_cash_interest_income	2028Q4 / upside	0.49 USD_millions	assumption: Desk assumption; not company guidance.
EBITDA plus investment interest upside_2028q4_cash_earnings	2028Q4 / upside	20.39 USD_millions	derived: No financing proceeds included. Formula: sum(upside_2028q4_adj_ebitda, upside_2028q4_cash_interest_income).
Inventory receivables and other cash use upside_2028q4_working_cash	2028Q4 / upside	3.99 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes upside_2028q4_cash_tax	2028Q4 / upside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash debt and lease interest upside_2028q4_cash_interest	2028Q4 / upside	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Working-capital tax and interest cash upside_2028q4_cash_uses	2028Q4 / upside	4.52 USD_millions	derived: CFO proxy explicitly excludes all acquisition earnout settlements. Formula: sum(upside_2028q4_working_cash, upside_2028q4_cash_tax, upside_2028q4_cash_interest).
Operating cash before acquisition earnouts upside_2028q4_cash_before_capex	2028Q4 / upside	15.87 USD_millions	derived: Classification-neutral comparison; not labeled GAAP CFO. Formula: subtract(upside_2028q4_cash_earnings, upside_2028q4_cash_uses).
Cash PP&E upside_2028q4_capex	2028Q4 / upside	4.49 USD_millions	assumption: Desk assumption; not company guidance.
January 2027 payment fraction upside_2028q4_earnout_payment_flag	2028Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash earnout settlement upside_2028q4_earnout_cash	2028Q4 / upside	0.00 USD_millions	derived: Only $6.3M cash, not the $2.7M share component or full $9M liability. Formula: multiply(g5_cash_due, upside_2028q4_earnout_payment_flag).
Assumed installment fraction upside_2028q4_sale_payment_flag	2028Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
China disposal principal installments upside_2028q4_asset_sales	2028Q4 / upside	0.50 USD_millions	derived: Conditional closing/payment scenario; no $4.5M upfront receipt. Formula: multiply(minimum_installment, upside_2028q4_sale_payment_flag).
Operating cash proxy and sale principal upside_2028q4_cash_sources	2028Q4 / upside	16.37 USD_millions	derived: Financing interest on installments omitted as immaterial uncertain timing. Formula: sum(upside_2028q4_cash_before_capex, upside_2028q4_asset_sales).
PP&E and earnout cash upside_2028q4_cash_claims	2028Q4 / upside	4.49 USD_millions	derived: Stock earnout not deducted as cash. Formula: sum(upside_2028q4_capex, upside_2028q4_earnout_cash).
Cash after PP&E and cash earnouts upside_2028q4_cash_after_claims	2028Q4 / upside	11.88 USD_millions	derived: Before new acquisitions, debt/lease principal and preferred settlement. Formula: subtract(upside_2028q4_cash_sources, upside_2028q4_cash_claims).
Revenue from June backlog upside_2028q4_opening_backlog_delivery	2028Q4 / upside	3.90 USD_millions	assumption: Desk assumption; not company guidance.
Required new-order revenue upside_2028q4_book_ship	2028Q4 / upside	64.05 USD_millions	derived: Analytical revenue not supplied by June backlog; new orders and acceptance required. Formula: subtract(upside_2028q4_revenue, upside_2028q4_opening_backlog_delivery).
Cumulative June backlog recognized upside_2028q4_backlog_delivered	2028Q4 / upside	110.90 USD_millions	derived: No new orders added to this existing-backlog cohort. Formula: sum(upside_backlog_zero, upside_2027q1_opening_backlog_delivery, upside_2027q2_opening_backlog_delivery, upside_2027q3_opening_backlog_delivery, upside_2027q4_opening_backlog_delivery, upside_2028q1_opening_backlog_delivery, upside_2028q2_opening_backlog_delivery, upside_2028q3_opening_backlog_delivery, upside_2028q4_opening_backlog_delivery).
Unconverted June backlog stock upside_2028q4_opening_backlog_remaining	2028Q4 / upside	0.00 USD_millions	derived: Negative balance would invalidate the scenario. Formula: subtract(backlog, upside_2028q4_backlog_delivered).
Total revenue ($M) upside_fy2027_revenue	FY2027 / upside	130.69 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
Infrared components ($M) upside_fy2027_infrared	FY2027 / upside	43.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_infrared, upside_2027q2_infrared, upside_2027q3_infrared, upside_2027q4_infrared).
Visible components ($M) upside_fy2027_visible	FY2027 / upside	15.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_visible, upside_2027q2_visible, upside_2027q3_visible, upside_2027q4_visible).
Assemblies and modules ($M) upside_fy2027_assemblies	FY2027 / upside	67.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_assemblies, upside_2027q2_assemblies, upside_2027q3_assemblies, upside_2027q4_assemblies).
Engineering services ($M) upside_fy2027_engineering	FY2027 / upside	5.29 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_engineering, upside_2027q2_engineering, upside_2027q3_engineering, upside_2027q4_engineering).
Adjusted EBITDA proxy ($M) upside_fy2027_adj_ebitda	FY2027 / upside	24.96 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_adj_ebitda, upside_2027q2_adj_ebitda, upside_2027q3_adj_ebitda, upside_2027q4_adj_ebitda).
Operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	13.76 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Operating cash before earnouts ($M) upside_fy2027_cash_before_capex	FY2027 / upside	15.22 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_before_capex, upside_2027q2_cash_before_capex, upside_2027q3_cash_before_capex, upside_2027q4_cash_before_capex).
Cash PP&E ($M) upside_fy2027_capex	FY2027 / upside	12.88 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
Total cash earnout settlement ($M) upside_fy2027_earnout_cash	FY2027 / upside	6.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_earnout_cash, upside_2027q2_earnout_cash, upside_2027q3_earnout_cash, upside_2027q4_earnout_cash).
Asset-sale principal receipts ($M) upside_fy2027_asset_sales	FY2027 / upside	0.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_asset_sales, upside_2027q2_asset_sales, upside_2027q3_asset_sales, upside_2027q4_asset_sales).
Cash after PP&E and earnouts ($M) upside_fy2027_cash_after_claims	FY2027 / upside	-3.46 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_claims, upside_2027q2_cash_after_claims, upside_2027q3_cash_after_claims, upside_2027q4_cash_after_claims).
Total revenue ($M) upside_fy2028_revenue	FY2028 / upside	228.93 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_revenue, upside_2028q2_revenue, upside_2028q3_revenue, upside_2028q4_revenue).
Infrared components ($M) upside_fy2028_infrared	FY2028 / upside	72.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_infrared, upside_2028q2_infrared, upside_2028q3_infrared, upside_2028q4_infrared).
Visible components ($M) upside_fy2028_visible	FY2028 / upside	18.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_visible, upside_2028q2_visible, upside_2028q3_visible, upside_2028q4_visible).
Assemblies and modules ($M) upside_fy2028_assemblies	FY2028 / upside	131.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_assemblies, upside_2028q2_assemblies, upside_2028q3_assemblies, upside_2028q4_assemblies).
Engineering services ($M) upside_fy2028_engineering	FY2028 / upside	7.13 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_engineering, upside_2028q2_engineering, upside_2028q3_engineering, upside_2028q4_engineering).
Adjusted EBITDA proxy ($M) upside_fy2028_adj_ebitda	FY2028 / upside	62.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_adj_ebitda, upside_2028q2_adj_ebitda, upside_2028q3_adj_ebitda, upside_2028q4_adj_ebitda).
Operating income proxy ($M) upside_fy2028_operating_income	FY2028 / upside	48.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_operating_income, upside_2028q2_operating_income, upside_2028q3_operating_income, upside_2028q4_operating_income).
Operating cash before earnouts ($M) upside_fy2028_cash_before_capex	FY2028 / upside	48.22 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cash_before_capex, upside_2028q2_cash_before_capex, upside_2028q3_cash_before_capex, upside_2028q4_cash_before_capex).
Cash PP&E ($M) upside_fy2028_capex	FY2028 / upside	16.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_capex, upside_2028q2_capex, upside_2028q3_capex, upside_2028q4_capex).
Total cash earnout settlement ($M) upside_fy2028_earnout_cash	FY2028 / upside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_earnout_cash, upside_2028q2_earnout_cash, upside_2028q3_earnout_cash, upside_2028q4_earnout_cash).
Asset-sale principal receipts ($M) upside_fy2028_asset_sales	FY2028 / upside	0.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_asset_sales, upside_2028q2_asset_sales, upside_2028q3_asset_sales, upside_2028q4_asset_sales).
Cash after PP&E and earnouts ($M) upside_fy2028_cash_after_claims	FY2028 / upside	32.16 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cash_after_claims, upside_2028q2_cash_after_claims, upside_2028q3_cash_after_claims, upside_2028q4_cash_after_claims).

Model boundaries

Backlog $110.9M includes $85.6M scheduled within twelve months. Scheduled delivery is not guaranteed acceptance or cash; cases vary conversion and require additional orders for revenue above opening backlog recognition.
G5 and Amorphous acquisitions change the perimeter, so the 92.7% reported annual revenue growth is not asserted to be organic. Product-group history has been reclassified for comparability; future mixed-product margins are desk assumptions.
FY2026 CFO includes $3.814M operating-classified G5 earnout cash, while another $3.536M appears in financing. The analytical pre-earnout cash measure adds back only the operating portion, then deducts the total cash claim once.
The January 1-15, 2027 agreed G5 payment is $9M total: $6.3M cash and $2.7M common stock. The model charges only the cash amount. Noncash fair-value remeasurement of earnouts is not another cash settlement.
Amorphous was purchased for $7M cash plus contingent stock consideration up to $3M. Stock payouts and remaining Series G preferred claims affect ownership even without current cash use; no fully diluted EPS estimate is provided.
The signed China disposal is not assumed already closed. $4.5M consideration is payable over up to five years with a $0.5M annual minimum, plus specified financing interest. Base assumes a later closing and only an annual installment, not $4.5M cash upfront.
Visible-product revenue reductions after the assumed disposal and future licensing/transition economics are desk sensitivities; no gain-on-sale amount is projected without closing accounting.
Cash after selected claims includes PP&E, cash earnouts and asset-sale principal, but excludes new acquisitions, debt/lease principal, preferred settlement and equity financing. It is not GAAP CFO, a closing balance or owner-distributable cash.
Germanium-free material substitution, program design-in and approved supplier status require customer acceptance. Backlog, qualification and addressable-market figures do not establish new cash receipts or guaranteed margins.

Converting optics demand after the earnout and manufacturing bill

Research reviewed 2026-09-19

Can infrared substitution and camera demand convert into cash after capacity and acquisition claims?

FY2026 sales were $71.7M with adjusted EBITDA $4.2M. Revenue includes acquisitions and is not entirely organic growth. June backlog was $110.9M, with $85.6M scheduled for twelve-month delivery. CFO was negative $10.225M, including $3.814M G5 earnout cash; another $3.536M was classified in financing. Removing the operating portion before deducting total earnouts avoids double-counting the cash claim. January 2027 fixed G5 consideration is $6.3M cash plus $2.7M common stock. June cash was $93.2M following equity raises, with remaining Series G preferred carrying value $8.9M. The signed China disposal has $4.5M consideration payable over up to five years, with a $0.5M annual minimum, so announced price is not upfront cash.

The competing explanation

Backlog can slip through qualification and acceptance, while inventory and capital needs rise. More assembly revenue does not guarantee margin, and earnout, preferred and stock-settlement claims can absorb gains that adjusted EBITDA alone appears to deliver.

Risks to track

Defense and commercial program concentration and acceptance timing.
Manufacturing yield, glass capacity and product mix.
Earnout cash, contingent shares and preferred dilution.
Disposal approval, installment collection and transition terms.
Inventory funding and capacity investment can outpace receipts.

Next checkpoints

Backlog conversion · Each fiscal 2027 quarter (estimated). Compare recognized deliveries with the $85.6M scheduled cohort and new-order requirements.
G5 settlement · January 1-15, 2027 contractual window (estimated). Confirm $6.3M cash and $2.7M shares without charging the $9M liability twice.
China disposal · Closing and annual installment disclosures (estimated). Verify actual completion, lost revenue, retained rights and principal received.

Data coverage and open work

Backlog $110.9M includes $85.6M scheduled within twelve months. Scheduled delivery is not guaranteed acceptance or cash; cases vary conversion and require additional orders for revenue above opening backlog recognition.
G5 and Amorphous acquisitions change the perimeter, so the 92.7% reported annual revenue growth is not asserted to be organic. Product-group history has been reclassified for comparability; future mixed-product margins are desk assumptions.
FY2026 CFO includes $3.814M operating-classified G5 earnout cash, while another $3.536M appears in financing. The analytical pre-earnout cash measure adds back only the operating portion, then deducts the total cash claim once.
The January 1-15, 2027 agreed G5 payment is $9M total: $6.3M cash and $2.7M common stock. The model charges only the cash amount. Noncash fair-value remeasurement of earnouts is not another cash settlement.
Amorphous was purchased for $7M cash plus contingent stock consideration up to $3M. Stock payouts and remaining Series G preferred claims affect ownership even without current cash use; no fully diluted EPS estimate is provided.
The signed China disposal is not assumed already closed. $4.5M consideration is payable over up to five years with a $0.5M annual minimum, plus specified financing interest. Base assumes a later closing and only an annual installment, not $4.5M cash upfront.
Visible-product revenue reductions after the assumed disposal and future licensing/transition economics are desk sensitivities; no gain-on-sale amount is projected without closing accounting.
Cash after selected claims includes PP&E, cash earnouts and asset-sale principal, but excludes new acquisitions, debt/lease principal, preferred settlement and equity financing. It is not GAAP CFO, a closing balance or owner-distributable cash.
Germanium-free material substitution, program design-in and approved supplier status require customer acceptance. Backlog, qualification and addressable-market figures do not establish new cash receipts or guaranteed margins.

This review: Added four-product model, earnout classification bridge and conditional disposal installment cash.

What the memory says

State as of the 2026-09-25 close: in a 120-day downtrend, below its 200-day, off the 52-week high, with overhead supply, quiet volume, closed weak, and some peers moving

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-3.1	-0.2	+2.4	45%
5 sessions	-6.0	+0.2	+7.1	51%
10 sessions	-8.8	+0.1	+9.6	51%
1 month (21 sessions)	-12.0	+0.7	+15.4	53%
3 months (63 sessions)	-24.9	+3.5	+30.2	60%
6 months (126 sessions)	-28.5	+2.3	+70.5	56%
1 year (252 sessions)	-45.0	+7.7	+73.6	58%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side. In the D7 test (403 anchors, 2023-2025) the 1-month band held 76% of outcomes, 3-month 77%, 6-month 76%, 1-year 75%, against a nominal 80%; the analog pool under-represents names that later delisted.

Notes on this name

LightPath: Defense Orders Are Growing. Cash Conversion Must Follow. · 2026-09-14

Scorecard: 1 note scored; 1 inside the 5-session band (100% coverage)

Next report date: not dated. Undated in the latest note (https://chartlibrary.io/research/views/lpth-defense-orders-cash-20260914): Append the actual September 14 close after the session finishes

Provenance

[1] reported: Revenues, accession 0001654954-25-012804, 10-Q filed 2025-11-12; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[2] reported: Revenues, accession 0001654954-25-001434, 10-Q filed 2025-02-13; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[3] reported: Revenues, accession 0001654954-25-005945, 10-Q filed 2025-05-20; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[4] derived: Revenues, accession 0001654954-25-011130, 10-K filed 2025-09-26; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[5] reported: RevenueFromContractWithCustomerIncludingAssessedTax, accession 0001437749-26-003809, 10-Q filed 2026-02-11; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[6] reported: RevenueFromContractWithCustomerIncludingAssessedTax, accession 0001437749-26-015594, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[7] derived: RevenueFromContractWithCustomerIncludingAssessedTax, accession 0001437749-26-030106, 10-K filed 2026-09-11; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[8] reported: GrossProfit, accession 0001654954-25-012804, 10-Q filed 2025-11-12; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[9] reported: GrossProfit, accession 0001437749-26-003809, 10-Q filed 2026-02-11; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[10] reported: GrossProfit, accession 0001437749-26-015594, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[11] derived: GrossProfit, accession 0001437749-26-030106, 10-K filed 2026-09-11; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[12] reported: OperatingIncomeLoss, accession 0001654954-25-012804, 10-Q filed 2025-11-12; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[13] reported: OperatingIncomeLoss, accession 0001437749-26-003809, 10-Q filed 2026-02-11; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[14] reported: OperatingIncomeLoss, accession 0001437749-26-015594, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[15] derived: OperatingIncomeLoss, accession 0001437749-26-030106, 10-K filed 2026-09-11; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[16] reported: NetIncomeLoss, accession 0001437749-26-015594, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[17] derived: NetIncomeLoss, accession 0001437749-26-030106, 10-K filed 2026-09-11; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[18] reported: EarningsPerShareDiluted, accession 0001654954-25-012804, 10-Q filed 2025-11-12; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[19] reported: EarningsPerShareDiluted, accession 0001437749-26-003809, 10-Q filed 2026-02-11; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[20] reported: EarningsPerShareDiluted, accession 0001437749-26-015594, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[21] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001654954-25-012804, 10-Q filed 2025-11-12; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[22] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001437749-26-003809, 10-Q filed 2026-02-11; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[23] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001437749-26-015594, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001437749-26-030106, 10-K filed 2026-09-11; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[25] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001437749-26-003809, 10-Q filed 2026-02-11; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[26] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001437749-26-015594, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[27] reported: LongTermDebtNoncurrent, accession 0001654954-24-013931, 10-Q filed 2024-11-07; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[28] reported: LongTermDebtNoncurrent, accession 0001654954-25-001434, 10-Q filed 2025-02-13; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[29] reported: LongTermDebtNoncurrent, accession 0001654954-25-005945, 10-Q filed 2025-05-20; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[30] reported: LongTermDebtNoncurrent, accession 0001654954-25-011130, 10-K filed 2025-09-26; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[31] reported: LongTermDebtNoncurrent, accession 0001654954-25-012804, 10-Q filed 2025-11-12; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[32] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001654954-25-012804, 10-Q filed 2025-11-12; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[33] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001437749-26-003809, 10-Q filed 2026-02-11; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[34] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001437749-26-015594, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[35] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001437749-26-030106, 10-K filed 2026-09-11; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[36] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001654954-25-012804, 10-Q filed 2025-11-12; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[37] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001437749-26-003809, 10-Q filed 2026-02-11; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[38] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001437749-26-015594, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[39] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001437749-26-030106, 10-K filed 2026-09-11; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[40] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001654954-25-012804, 10-Q filed 2025-11-12; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[41] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001437749-26-003809, 10-Q filed 2026-02-11; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[42] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001437749-26-015594, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json
[43] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001437749-26-030106, 10-K filed 2026-09-11; retrieved 2026-09-26T11:16:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000889971.json

What the author read

FY2026 accounts, product groups and cash/share earnout terms · retrieved 2026-09-19
Q4 results, backlog and adjusted EBITDA reconciliation · retrieved 2026-09-19
Signed China disposal and installment terms · retrieved 2026-09-19

Compiled 2026-09-26T11:16:26.974366+00:00 · authored a52de077132d · generated e25c28b8a169 · JSON

Daily notes · Scorecard